Starbucks shares are on track to suffer a record run of losses as concern builds up that sales trends at the coffee giant have cooled in recent weeks.
The stock dropped by as much as 2.4% on Monday, declining for an 11th consecutive session in what would be the longest rout since Starbucks’ public debut in 1992. In total, the slump has erased 10% of Starbucks’ market value, or nearly $12 billion.
Third-party sales data signaled a "material slowing” at Starbucks in November after the coffee giant delivered strong comparable sales growth of 8% in the fiscal fourth quarter, JPMorgan Chase & Co. analyst John Ivankoe wrote in a note on Monday.