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Starbucks has seen nearly $12 billion erased from its market value during the past month as sales reportedly have slowed amid tighter consumer wallets and growing labor strife — with some even speculating the chain has been hit by boycotts over the Israel-Gaza war.

Investors have grown wary that consumers will splash out on a pricey cup of joe during the holiday season when budgets get tighter, according to Bloomberg, citing sales data from JPMorgan analysts that signaled a material slowing at Starbucks in November.

Despite delivering better-than-expected sales growth of 8% in its fiscal fourth quarter, the coffeehouse’s share price has decelerated on a week-over-week basis, following trends in the snack and coffee industry.

When the markets opened on Monday, Starbucks’ stock dropped 1.6%, declining for a 11th consecutive session in what is the longest losing streak since Starbucks public debut in 1992. 

The rout erased 9.4% of Starbucks market value, a decline of nearly $12 billion.

As of early trading hours Thursday, the Seattle-based company’s share price was down roughly 6.5%, to $96.90, on a monthly basis.

When the coffeehouse chain’s share price started to decline, it was putting on its annual Red Cup Day.

The promotional event saw baristas handing out free red-colored, reusable, holiday-themed cups to customers on their coffee purchases on Nov. 16, though the festivities were overshadowed by a walkout.

Hundreds of workers represented by the Workers United union walked off the job on the notoriously busy day — demanding improved staffing and schedules — while non-unionized staffers endured one of the most infamously hard, understaffed days, as drink orders pile up and employees end up on the receiving end of abuse from frustrated customers over long wait times.

The protest was just the latest in Starbucks’ deep-rooted disagreements with the union.

Last month, the two entities filed warring lawsuits over the union’s social media post declaring “Solidarity with Palestine!” in the wake of Hamas deadly attacks.

After Workers United published the controversial statement in a since-deleted post on X last month — where it boasts nearly 100,000 followers — Starbucks swiftly moved to distance itself from the organization.

We unequivocally condemn acts of terrorism, hate and violence, and disagree with the statements and views expressed by Workers United and its members. Workers Uniteds words and actions belong to them, and them alone,” Starbucks said at the time.

The response was interpreted as a display of support for Israel over Palestine, prompting calls for a boycott. Despite Starbucks’ efforts to quell boycott calls, the hashtag #boycottstarbucks is still trending on social media.

According to TikTok’s Creative Center, a database that details user insights, the hashtag has been used in some 16,000 times over the past 30 days, generating a combined 167 million views.

On X, other social media users appear to be cheering Starbucks’ decline.

“I haven’t gone to Starbucks in months due to the boycotts and I am so happy to see less people there too,” a user who goes by Kate wrote.

“WE WON,” another chimed in while a slew of commenters said the slash in market cap was “deserved.”

When The Post reached out to Starbucks for comment, a company spokesperson pointed to a message from its chief partner officer, Sara Kelly, posted on Starbucks’ website last month.

“Starbucks unequivocally condemns acts of hate, terrorism and violence,” Kelly wrote. “As a leadership team, we want to again express our deepest sympathy for those who have been killed, wounded, displaced and impacted following the heinous acts of terror, escalating violence and hate against the innocent in Israel and Gaza.”

Though Starbucks’ total value was down, its store sales at its 35,000-plus locations worldwide rose 8% for its 2023 fiscal year that ended in November.

Earlier this month, Starbucks said it would raise hourly pay for its US retail workers by at least 3% from 2024 after Workers United’s repeated pleas to give baristas an increased hourly base wage.

Staffers affiliated with Workers United which represents Starbucks staffers at 340 Starbucks locations across the US criticized the increase, calling it tone deaf given Starbucks recently-reported increases in revenue and the recent wage hikes won by auto workers.

Meanwhile, one of union’s founding organizers, Jaz Brisack, has previously voiced support for Palestinian terrorist Rasmea Odeh, who was involved in bombings in Jerusalem in 1969 and 1970.

Brisack penned an op-ed in the Daily Mississippian in 2017 that referred to Odeh as a political prisoner.

Odeh was freed by Israel as part of a prisoner exchange in 1980 but arrested in the US in 2013 after illegally entering the country in the 1990s.

She was deported to Jordan in 2017.

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Wes Streeting ‘crossed the line’ by opposing assisted dying in public, says Labour peer Harriet Harman

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Wes Streeting 'crossed the line' by opposing assisted dying in public, says Labour peer Harriet Harman

Wes Streeting “crossed the line” by opposing assisted dying in public and the argument shouldn’t “come down to resources”, a Labour peer has said.

Speaking on Sky News’ Electoral Dysfunction podcast, Baroness Harriet Harman criticised the health secretary for revealing how he is going to vote on the matter when it comes before parliament later this month.

MPs are being given a free vote, meaning they can side with their conscience and not party lines, so the government is supposed to be staying neutral.

But Mr Streeting has made clear he will vote against legalising assisted dying, citing concerns end-of-life care is not good enough for people to make an informed choice, and that some could feel pressured into the decision to save the NHS money.

He has also ordered a review into the potential costs of changing the law, warning it could come at the expense of other NHS services if implemented.

Baroness Harman said Mr Streeting has “crossed the line in two ways”.

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“He should not have said how he was going to vote, because that breaches neutrality and sends a signal,” she said.

“And secondly… he’s said the problem is that it will cost money to bring in an assisted dying measure, and therefore he will have to cut other services.

“But paradoxically, he also said it would be a slippery slope because people will be forced to bring about their own death in order to save the NHS money. Well, it can’t be doing both things.

“It can’t be both costing the NHS money and saving the NHS money.”

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Review into assisted dying costs

Baroness Harman said the argument “should not come down to resources” as it is a “huge moral issue” affecting “only a tiny number of people”.

She added that people should not mistake Mr Streeting for being “a kind of proxy for Keir Starmer”.

“The government is genuinely neutral and all of those backbenchers, they can vote whichever way they want,” she added.

Read more on this story:
‘Fix care before assisted dying legislation’
Why assisted dying is controversial – and where it’s already legal

Prime Minister Sir Keir Starmer has previously expressed support for assisted dying, but it is not clear how he intends to vote on the issue or if he will make his decision public ahead of time.

The cabinet has varying views on the topic, with the likes of Justice Secretary Shabana Mahmood siding with Mr Streeting in her opposition but Energy Secretary Ed Miliband being for it.

Britain's Secretary of State for Energy Security and Net Zero Ed Miliband walks on Downing Street on the day of the budget announcement, in London, Britain October 30, 2024. REUTERS/Maja Smiejkowska
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Energy Security and Net Zero Secretary Ed Miliband is said to support the bill. Pic: Reuters

Shabana Mahmood arrives 10 Downing Street.
Pic: Reuters
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Justice Secretary Shabana Mahmood has concerns. Pic: Reuters

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The Terminally Ill Adults (End of Life) Bill is being championed by Labour backbencher Kim Leadbeater, who wants to give people with six months left to live the choice to end their lives.

Under her proposals, two independent doctors must confirm a patient is eligible for assisted dying and a High Court judge must give their approval.

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Labour MP Kim Leadbeater discusses End of Life Bill

The bill will also include punishments of up to 14 years in prison for those who break the law, including coercing someone into ending their own life.

MPs will debate and vote on the legislation on 29 November, in what will be the first Commons vote on assisted dying since 2015, when the proposal was defeated.

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UK

Teenage girl killed on M5 in Somerset after getting out of police car named

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Teenage girl killed on M5 in Somerset after getting out of police car named

A teenage girl who was killed after getting out of a police car on the M5 in Somerset has been named.

Tamzin Hall, 17 and from Wellington, was hit by a vehicle that was travelling southbound between junction 24 for Bridgwater and junction 25 for Taunton shortly after 11pm on Monday.

She had exited a police vehicle that had stopped on the northbound side of the motorway while transporting her.

A mandatory referral was made to the Independent Office for Police Conduct, which is now carrying out its own investigation into what happened.

Read more from Sky News:
Who could replace Gary Lineker on Match Of The Day?

How do Labour avoid the Democrats’ fate?

Avon and Somerset Police said: “Our thoughts and sympathies go out to Tamzin’s family for their devastating loss.

“A specially-trained family liaison officer remains in contact with them to keep them updated and to provide support.

“The family have asked for privacy at this difficult time.”

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The police watchdog, the IOPC, has been asked to investigate.

In a statement, director David Ford, said: “This was a truly tragic incident and my thoughts are with Tamzin’s family and friends and everyone affected by the events of that evening.

“We are contacting her family to express our sympathies, explain our role, and set out how our investigation will progress. We will keep them fully updated as our investigation continues.”

Paramedics attended the motorway within minutes of the girl being hit but she was pronounced dead at the scene.

The motorway was closed in both directions while investigations took place. It was fully reopened shortly after 11am on Tuesday, Nationals Highways said.

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UK

Mohamed al Fayed’s brother Salah also abused women, say female Harrods employees

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Mohamed al Fayed's brother Salah also abused women, say female Harrods employees

A survivors group advocating for women allegedly assaulted by Mohamed al Fayed has said it is “grateful another abuser has been unmasked”, after allegations his brother Salah also participated in the abuse.

Justice for Harrods Survivors says it has “credible evidence” suggesting the sexual abuse allegedly perpetrated at Harrods and the billionaire’s properties “was not limited to Mr al Fayed himself”.

The group’s statement comes after three women told BBC News they were sexually assaulted by al Fayed’s brother, Salah.

One woman said she was raped by Mohamed al Fayed while working at Harrods.

Helen, who has waived her right to anonymity, said she then took a job working for his brother as an escape. She alleges she was drugged and sexually assaulted while working at Salah’s home on Park Lane, London.

Two other women have told the BBC they were taken to Monaco and the South of France, where Salah sexually abused them.

Mohamed al Fayed. Pic: AP
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Mohamed al Fayed. Pic: AP

The Justice for Harrod Survivors representatives said: “We are proud to support the survivors of Salah Fayed’s abuse and are committed to achieving justice for them, no matter what it takes.”

The group added it “looks forward to the others on whom we have credible evidence – whether abusers themselves or enablers facilitating that abuse – being exposed in due course”.

More from Sky News:
Ex-Fulham captain makes Al Fayed allegation
Timeline of accusations against ex-Harrods boss

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Salah was one of the three Fayed brothers who co-owned Harrods.

The business, which was sold to Qatar Holdings when Mohamed al Fayed retired in 2010, has said it “supports the bravery of these women in coming forward”.

A statement issued by the famous store on Thursday evening continued: “We encourage these survivors to come forward and make their claims to the Harrods scheme, where they can apply for compensation, as well as support from a counselling perspective and through an independent survivor advocate.

“We also hope that they are looking at every appropriate avenue to them in their pursuit of justice, whether that be Harrods, the police or the Fayed family and estate.”

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Bianca Gascoigne speaks about Al Fayed abuse

The Justice for Harrods Survivors group previously said more than 400 people had contacted them regarding accusations about Mohamed al Fayed, who died last year.

One of those alleged to have been abused is Bianca Gascoigne, the daughter of former England player Paul.

Speaking to Sky News in October, Gascoigne said she was groomed and sexually assaulted by al Fayed when she worked at Harrods as a teenager.

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