Starbucks Corp. reported first-quarter earnings and sales that just missed analysts’ expectations as its results were weighed down by dismal results in China.
On what was likely his last earnings call as Starbucks CEO, Howard Shultz hinted at an Italian-inspired “game-changer” that will be making its way soon to the coffee chain and it’s bigger than any new promotion or beverage.” He gave no other details except to say that he discovered “an enduring transformative new category” during a trip to Italy last summer.
“The word I would use to describe it without giving too much away is alchemy,” Schultz told analysts. (The legendary retailer is set to turn over the reins of the company to Laxman Narasimhan on April 1.)Chain Store Age