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In just over a year since Brian Niccol took the helm as CEO, Starbucks (SBUX) has faced increasing challenges, dimming the prospects of the company's ambitious "Back to Starbucks" initiative aimed at revitalizing growth. Launched with urgency, the plan was intended to spark renewed customer engagement and operational efficiency. But consumer behavior has shifted more than Starbucks expected. Visits remain soft, and same-store sales continue to slip.
Bernstein, however, is betting on patience and precision. The firm believes Starbucks’ multi-year investment in labor — estimated between $1.5 billion and $2 billion over two years — will lay the groundwork for recovery.
