Tata Consumer dismisses reports of Starbucks exiting India as baseless
4 days, 19 hours ago

Tata Consumer dismisses reports of Starbucks exiting India as baseless

India Today  

Tata Consumer has responded to reports that claimed that Starbucks is exiting India due to high costs and mounting losses. In a stock exchange filing, the company said, “This is with reference to the news article titled - “Starbucks to Exit India Due to High Costs, Bad Taste, and Mounting Losses”. The Company would like to state that the information in the said article is baseless.” According to a separate report earlier this week by news agency Reuters, fewer customers are walking into cafes, which has coerced Starbucks to recalibrate its plan to open more stores. Tata Consumer CEO Sunil D'Souza told the news agency last week: “We will calibrate for the short term — maybe instead of opening 100, we will open 80 now, and next year we will open 120 instead of 100.” However, Starbucks is still focussed on its goal to open 1,000 stores by 2028.

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History of this topic

India’s Tata faces pressure in Starbucks joint venture as consumers cut back
1 week ago

India’s Tata faces pressure in Starbucks joint venture as consumers cut back

Live Mint  

By Praveen Paramasivam -India's Tata Consumer Products will push back plans for some new Starbucks store openings until later in its existing schedule as fewer customers are walking into its cafes in the world's most populous country, its top boss said on Monday. "We will calibrate for the short term — maybe instead of opening 100, we will open 80 …

Starbucks ousts CEO as market growth slumps
4 months, 1 week ago

Starbucks ousts CEO as market growth slumps

China Daily  

Starbucks, which has struggled this year in its two largest coffee markets — the US and China — on Tuesday ousted its CEO, responding to pressure from an activist investor and its longtime former boss. The Seattle-based company, the world's largest coffee chain, named Brian Niccol, the CEO at Chipotle Mexican Grill since 2018, as its new chairman and CEO, …

Starbucks quarterly revenue falls on weak traffic in US and China
4 months, 3 weeks ago

Starbucks quarterly revenue falls on weak traffic in US and China

Associated Press  

Starbucks’ revenue fell 1% in the April-June period as customer traffic weakened in the U.S. and China. “We are focused on what we can control in a consumer environment that can best be described as ‘complex,’” Starbucks CEO Laxman Narasimhan said during a conference call with investors. Starbucks’ comments mirrored those at McDonald’s, which said earlier this week that its …

Starbucks reports record Q1 revenue but lowers outlook as consumer spending falls in some markets
10 months, 3 weeks ago

Starbucks reports record Q1 revenue but lowers outlook as consumer spending falls in some markets

Associated Press  

Starbucks reported record revenue in its fiscal first quarter but lowered its sales outlook for the rest of the year as spending weakens in China and other markets. Starbucks also saw record U.S. spending per order as visitors bought more food and spent more to customize their drinks. Narasimhan on Tuesday reiterated that Starbucks wants to restart negotiations with Workers …

Starbucks earns big in the Chinese market
1 year, 4 months ago

Starbucks earns big in the Chinese market

China Daily  

Starbucks is rolling out a range of new sustainable packaging at its stores in China. In the Chinese market, the company's comparable store sales increased 46 percent and the transactions grew 48 percent in Q3 which ended on July 2 this year. China business continued to recover in line with expectations and it is clear the company has abundant opportunity …

Starbucks reports record revenue as China booms, but sales still fall short of expectations
1 year, 4 months ago

Starbucks reports record revenue as China booms, but sales still fall short of expectations

Associated Press  

Starbucks reported record revenue in its fiscal third quarter as its China business roared back to life. While its earnings surpassed Wall Street’s forecast, its revenue and same-store sales were lower than expected as North American store traffic slowed. Same-store sales — or sales at stores open at least a year — jumped 46% in China, reversing last year’s declines …

Starbucks reports record Q4 revenue despite China declines
2 years, 1 month ago

Starbucks reports record Q4 revenue despite China declines

Associated Press  

Pumpkin spice pumped up Starbucks’ sales in its fiscal fourth quarter, and the company said it’s confident that momentum will carry on into next year. “There is an affordable luxury to Starbucks that our customer base has been willing to support,” Starbucks’ interim CEO Howard Schultz said Thursday in a conference call with investors. Starbucks said it expects global same-store …

Starbucks reports record revenue on frothy US demand
2 years, 4 months ago

Starbucks reports record revenue on frothy US demand

Associated Press  

Starbucks on Tuesday reported record revenue in the April-June period, as strong U.S. demand made up for COVID shutdowns in China. Interim Starbucks CEO Howard Schultz said the company isn’t yet seeing any impact from inflation, despite increasing prices about 5% over the same period last year. U.S. workers currently make an average of $17 per hour, Starbucks North America …

Starbucks reports record Q2 sales, enhances worker benefits
2 years, 7 months ago

Starbucks reports record Q2 sales, enhances worker benefits

Associated Press  

Starbucks’ sales climbed to record levels in its fiscal second quarter, but its profits took a hit from climbing labor costs. Instead, Schultz said U.S. labor law requires stores to negotiate their own contracts with Starbucks. “But compare any union contract in our sector to the constantly expanding list of wages and benefits we have provided our people for decades, …

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