Is there a more exposed legacy business than Starbucks? Seriously, and maybe this is the coffee snob in me speaking, but who in their right mind prefers Starbucks over their local coffee shoppe?
Revenues and same store sales came in light.
Adjusted EPS: 55 cents vs. 55 cents expected according to Thomson Reuters
Revenue: $5.7 billion compared to $5.80 billion projected, according to Thomson Reuters
Same-store sales: Up 2% vs 3.3% growth projected, according to StreetAccount
On top of that, the company announced they were divesting their very successful tea brand, Tazo, in order to focus on their failed brand Teavana.
The company announced an agreement for Unilever to acquire the assets of the Tazo brand including its signature recipes, intellectual property and inventory for $384 million. In turn, Starbucks will drive a single tea brand strategy and focus with its super premium tea brand, Teavana.
The stock is down nearly 6% in after hours.
If you enjoy the content at iBankCoin, please follow us on Twitter
Who prefers Starbucks over their local coffee shoppe you ask? The gender confused millennial marxist infused commie snowflakes, that’s who. Simply put, this kind:
https://www.youtube.com/watch?v=krXeFq-1tlg
what is it, anyway?
Funny how so many of the far right turn out gay, eh Sac?
They need to bolt pedal generators under their tables.
Use the free electricity to mine bitcoin.
?.
Profit.
It’s undrinkable compared with even a mediocre hipster coffee shop let alone the truly good ones.
I’ve tried local mini-chain Ceremony Coffee. Really want to like it, but it tastes awful to me.
I’ve been to several one location coffee shops in New Hampshire, and they were excellent.
People have been saying “there’s better coffee elsewhere” for years. People also say there are better smartphones than iPhones, and cheaper too. A Hyundai will get you from point A to point B just as well as a Porsche, and cheaper too. Off the rack coats at Men’s Whorehouse are just as good as an Armani, and cheaper too. Yada yada yada. These things don’t really matter.