Wednesday, April 23, 2008

Starbucks: "sharp weakness in the U.S. consumer environment"

by Bill McBride on 4/23/2008 06:27:00 PM

From the WSJ: Starbucks Blames Weak Economy In U.S. for Lower Outlook for Year

Citing "the sharp weakness in the U.S. consumer environment," ... Starbucks said U.S. comparable-store sales fell by the mid-single digits on a percentage basis amid lower traffic. ...

The company Wednesday highlighted California and Florida, which have been two of the hardest-hit states during the housing downturn ...

"The current economic environment is the weakest in our company's history, marked by lower home values, and rising costs for energy, food and other products that are directly impacting our customers," said Chairman and Chief Executive Howard Schultz.
Just another company reporting disappointing sales.