Starbucks (SBUX) posted first-fiscal quarter earnings results that mostly missed Wall Street estimates, as soaring inflation, higher worker costs and the impact of the Omicron variant took a toll on the restaurant industry at large — and the coffee giant in particular.
Here’s what the Seattle-based company reported, compared to Wall Street estimates, according to a Bloomberg consensus estimates:
The rapid spread of the Omicron variant of COVID-19, spiking inflation and a labor market defined by a lack of workers and rising pay took the largest chunk out of Starbucks’ results.
“We experienced higher-than-expected inflationary pressures, increased costs due to Omicron and a tight labor market,” president and CEO Kevin Johnson said in the release. “We remain focused on actions that drive both top and bottom line growth, including industry-leading investments to attract, train and…
