Starbucks CEO’s honeymoon is over after sales slump, shares dive
Laxman Narasimhan’s honeymoon phase is over. The chief executive officer of Starbucks Corp., who officially took over the coffee behemoth just over a year ago, on Tuesday cut annual guidance for a third straight quarter after the company’s worst performance since the pandemic. Each of Starbucks’ geographic segments posted a decline, including the all-important China, where comparable sales fell 11%.