We expected more from Starbucks, but remain believers in the brand

WUHAN, CHINA – OCTOBER 6: (CHINA OUT) An employee services in a Starbucks coffee truck at Wuhan International Plaza on October 6, 2022 in Wuhan, Hubei province, China. China is celebrating their 73nd National Day and a week-long holiday known as the “Golden Week”. (Photo by Getty Images)

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Starbucks (SBUX) on Tuesday reported a mixed fiscal third quarter, as earnings beat expectations but a slight miss on comparable-sales growth and a small slowdown in the U.S. sent shares about 1% lower in afterhours trading. But Starbucks’ reinvention plan is only beginning to take shape, and we’re bullish long-term on a brand that remains popular — and ubiquitous — on street corners around the globe.

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