The coffee giant had its worst day in trading since March 2020, with shares down nearly 16% on Wednesday after reportingthat were hard to swallow. The company missed on all metrics , with foot traffic declining across the globe.
She added that conflict in the Middle East and higher promotional environment in China also weighed on the quarterly performance.Yet the company's current plans are unlikely to substantively boost business in the face of tightening wallets. In Q2, Starbucks' number of 90-day active loyalty members declined to 32.8 million, compared to 34.3 million last quarter.
CEO Laxman Narasimhan called out speed of service as an area of improvement in the earnings call, citing that many shoppers don't go through with their app orders due to long wait times or lack of product availability. A changing menu could put additional pressure on employees and store operations, noted O'Cull.
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