Starbucks (SBUX) saw its worst post-earnings performance since 2000 last week after its second quarter earnings fell short of Wall Street's estimates. Following the disappointing results, former CEO Howard Schultz wrote on LinkedIn, "The company's fix needs to begin at home," pointing to US operations as "the primary reason for the company's fall from grace." Yahoo Finance Senior Reporter Brooke DiPalma breaks down how both Schultz and the Street are losing confidence in the beverage giant.
All eyes are on Starbucks' pricing strategy as sales struggle. CFO Rachel Ruggeri told Yahoo Finance that the company has no plans to lower its prices despite analysts' skepticism that Starbucks will be able to successfully course-correct. The company pointed to initiatives like menu innovation and in-app offerings to get consumers back in stores; however, DiPalma warns, "many are skeptical that this is just not enough."
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