Starbucks ex-CEO Howard Schultz says chain needs a major fix after biggest sales miss in years: 'There must be contrition'
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Former Starbucks CEO Howard Schultz is urging the coffee chain to take ownership of its shortcomings and fix operations following its biggest sales miss in years. Schultz, who remains Starbucks' fifth-largest shareholder, emphasized the need for contrition and renewed focus on the core. The drop in sales was attributed to factors such as chilly January temperatures and the conflict in the Middle East. Schultz called for reinventing the mobile ordering and payment platform and overhauling the go-to-market strategy with coffee-forward innovation. Starbucks has also faced pressure in China, where same-store sales declined by 11%. Schultz expressed confidence in the company's recovery and its China business returning to health.

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https://fortune.com/2024/05/06/starbucks-ex-ceo-howard-schultz-chain-major-fix-biggest-sales-miss-years/