NEW YORK , Sept. 26, 2024 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of Starbucks Corporation (NASDAQ: SBUX). Shareholders who purchased shares of SBUX during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment.
Appointment as lead plaintiff is not required to partake in any recovery. CONTACT US HERE: https://securitiesclasslaw.com/securities/starbucks-loss-submission-form/?id=105037&from=4 CLASS PERIOD: November 2, 2023 to April 30, 2024 ALLEGATIONS: According to the complaint, on April 30, 2024 , after market hours, investors began to question the veracity of defendants' public statements following Starbucks' press release announcing its second quarter fiscal 2024 earnings and the accompanying same-day earnings call.
In pertinent part, defendants announced disappointing Q2 Fiscal 2024 results, stating that store sales declined globally 4%, with traffic falling 7%, and further disclosed a 2% decline in new revenues to $8.6 billion . On the back of these results, Starbucks additionally lowered their guidance for FY 2024, citing global declines in store sales, net revenues, and both GAAP and non- GAAP earnings.
The Company attributed its results and lowered guidance on the issues Starbucks was facing in China , with CFO Ruggeri stating, in reference to the Chinese market, "we still see the effects of a slower-than-expected recovery, and we see fierce competition among value players in the .
