Starbucks CEO Kevin Johnson on Thursday denied studies that the espresso firm is operating low on key provides, telling CNBC it has sufficient cups
Starbucks CEO Kevin Johnson on Thursday denied studies that the espresso firm is operating low on key provides, telling CNBC it has sufficient cups and low to serve prospects.
There’s “no scarcity of cups, no scarcity of espresso,” Johnson mentioned in an interview with Jim Cramer set to air on “Mad Cash.”
Johnson was responding to earlier studies — together with one from The Wall Avenue Journal — that mentioned some Starbucks shops have been quick on cups and low syrups, amongst different issues, as visitors at Starbucks rebounds from final yr’s slowdown. The article cited info from some retailer staff and an unnamed spokeswoman who mentioned choose markets have been being hampered by the shortages.
To make certain, Johnson mentioned Starbucks continues to face operational challenges elsewhere which might be testing the resiliency of the corporate’s provide chain.
“We have had some shortages within the bakery case, that definitely is true,” he mentioned. “If there’s one space we have been centered on it is our provide companions who assemble breakfast sandwiches and a number of the meals gadgets in our bakery case. That is the place we have seen some strain.”
Starbucks shares moved 0.39% increased Thursday to shut at $111.99. The inventory is up lower than 5% yr up to now.