Starbucks shares tumble as China, US demand slowdown clouds outlook
Several quarters of price hikes have forced customers to ditch cafes and restaurants and instead drink coffee at home, hurting business for chains such as Starbucks. "The inability to stop the traffic leakage from the early signs of pull-back in November to date and the worsening macro and competitive dynamics in China may suggest prolonged challenges and no evidence of light at the end of the tunnel," Danilo Gargiulo, senior analyst at Bernstein, wrote in a note. The company expects its full-year comparable sales — both globally and in the U.S. — to be in the range o...
Source: yahoo.com
