ICYMI: Starbucks interim CEO Howard Schultz suspended the company's stock repurchasing program. He said the suspension will allow Starbucks to invest more in the company's people and its stores $SBUX
will pause billions of dollars of stock buybacks to invest more in employees and stores, longtime former chief executive Howard Schultz said on Monday on his return to lead the global coffee chain for a third time.
Shares closed more than 3% lower. Analysts predicted the suspension to knock 2 to 3% off earnings in fiscal 2023.Starbucks spent nearly $12 billion in fiscal 2019 and 2020 combined to buy back its own shares. In October it said it would spend $20 billion over three years on stock repurchases and dividends.
Baristas at more than 170 U.S. locations have petitioned a federal labor board for union elections since August, when the union drive went public.Starbucks cups are pictured on a counter in the Manhattan borough of New York City, New York, U.S., February 16, 2022. REUTERS/Carlo AllegriStarbucks announced last month that Schultz would take over as interim CEO, following the retirement of Kevin Johnson. Shares of the coffee chain shot up about 5% on March 16, the day of the announcement.
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