As Halloween approaches, Starbucks Corp. SBUX has introduced two new beverages inspired by the upcoming movie “Wicked.” This comes at a time when the company reported weak preliminary results.
What Happened: Starbucks has launched two limited-time Halloween-themed drinks, drawing inspiration from the film “Wicked,” according to Today.com on Monday. The drinks are crafted to reflect the personalities of the movie’s main characters, Glinda and Elphaba.
These themed drinks were made available from Oct. 22 in the U.S., Canada, and select international locations.
Besides the drinks, Starbucks is offering “Wicked”-themed gift cards and will introduce a range of “Oz”-related tumblers and mugs starting Nov. 7. The movie “Wicked,” starring Ariana Grande and Cynthia Erivo, is set to premiere on Nov. 22, with a sequel planned for 2025.
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Why It Matters: The launch of these themed beverages comes at a challenging time for Starbucks. Recently, the company reported weak preliminary financial results for the fourth quarter, leading to a decline in its stock price. Starbucks expects a 3% decrease in consolidated net revenues and a 7% drop in global comparable sales.
Additionally, earnings per share are anticipated to fall by 25% year-over-year. In light of these challenges, Starbucks has suspended its guidance for the full fiscal year 2025 to allow for a comprehensive assessment of its business strategies.
Price Action: On Wednesday, during pre-market hours, Starbucks was trading 3.72% lower, according to Benzinga Pro.
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Photo by Manu Padilla on Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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