Why Starbucks, Nike and Boeing are looking for a time machine
CNN
Three quintessentially American companies — Starbucks, Nike and Boeing — share a common predicament at the moment.
Three quintessentially American companies — Starbucks, Nike and Boeing — share a common predicament at the moment. Each has a new CEO at the helm with a mission to clean house and, critically, return the brand to its former glory. None of them have an easy job ahead, as this week made painfully clear. Here’s the tea: A preliminary earnings report Tuesday revealed yet another quarter of falling sales at Starbucks — its third in a row. The drop was especially steep in the US, where sales fell 10%; and in China, where they were down 14%. Basically, demand hasn’t been this low since the first year of the pandemic. The numbers were so ugly that Starbucks took the uncommon step of suspending its financial guidance for the rest of the year — a move that should, in theory, give the new boss time to figure out a plan. Brian Niccol took the reins last month, leaving the top job at Chipotle to become Starbucks’ third CEO in three years. But even for Niccol, the guy known throughout the industry as something of a savior to spiraling companies, this is going to be a Herculean task. So far, Niccol has said he wants to simplify the menus, improve staffing levels and he may even — please, for the love of God — put the milk and sugar out from behind the counter.
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