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Episode: Former Starbucks CEO Schultz says company needs to refocus on coffee as sales struggle
Description: Former Starbucks CEO Howard Schultz says the companyβs leaders should spend more time in stores and focus on coffee drinks as they work to turn around flagging sales.
In a LinkedIn post, Schultz said many people had reached out to him after Starbucks reported weaker-than-expected quarterly sales and earnings.
The Seattle coffee giant said revenue dropped 2% in the January-March period as store traffic slowed around the world. It was the first time since 2020 that the company saw a drop in quarterly revenue. Starbucks also lowered its sales and earnings guidance for its full fiscal year.
Schultz, who bought Starbucks in...