What the data says: Starbucks has seen an upward rise in revenue during Q1 of most years since 2020. The company $8.7B in the first quarter of this year, which jumped up over $1B from Q1 of 2022. Each quarter between those, the company saw growth as well. Relevancy: Starbucks employees at 150 stores announced they plan to go on strike next week following the company's decision to ban Pride Month decorations in its cafes. The call for the strike comes days after the union for employees said Starbucks had taken down some Pride Month decorations and flags at several stores. The company denied the claims on Friday and said that it was still encouraging store managers to celebrate Pride Month. Shares of Starbucks fell 3%. Other incidents: This isn't the first company to deal with backlash over anti-Pride Month rhetoric. Target received a lot of backlash after it removed Pride Month apparel and decorations in several stores following anti-LGBTQ outbursts from some customers. Bud Light has seen a boycott after conservative and anti-LGBTQ consumers argued against an ad campaign featuring a trans influencer. It remains to see how this will affect the upcoming earnings for both these companies. |
