NOM: We Cost Starbucks Billions!
"Starbucks supported same sex marriage, saw their support from Republicans dwindle, missed sales projections, and watched the company lose $4.4 billion overnight and over $10 billion from their 2012 high. While executives of publicly traded companies have had a wonderful time claiming that not supporting same-sex marriage hurts their employee recruitment and retention efforts, we now have a case study in how alienating millions of customers can directly affect the bottom line of a public company and damage shareholder value."- Brian Brownshirt, writing on NOM's blog.
FACT CHECK: Nation's Restaurant News reports that while Starbucks did not meet its growth forecast, sales actually increased worldwide, resulting in a 19% rise in profits for the just-ended quarter.
For the quarter ended July 1, Starbucks said net income totaled $333.1 million, or 43 cents per share, compared with $279.1 million, or 36 cents per share, in the same quarter a year ago. Total revenue rose 13 percent to $3.3 billion, and same-store sales rose 6 percent worldwide, with U.S. stores posting a 7-percent same-store sales increase. For the Americas, which includes 12,653 locations in the U.S., Canada and Latin America, the 7-percent increase reflected a 5-percent increase in transactions and a 2-percent increase in average check. Revenue for the region grew 9 percent to $2.5 billion.Many major restaurant chains such as McDonald's and Chipotle also saw drops in stock value due to Wall Street's uncertainty on how the national drought crisis and other factors might affect food and energy costs. As always, Brownshirt is talking out of his ass.