Starbucks CEO Kevin Johnson on Thursday denied reports that the coffee company is running low on key supplies, telling CNBC it has enough cups and coffee to serve customers.
There is "no shortage of cups, no shortage of coffee," Johnson said in an interview with Jim Cramer set to air on "Mad Money."
Johnson was responding to earlier reports — including one from The Wall Street Journal — that said some Starbucks stores were short on cups and coffee syrups, among other things, as traffic at Starbucks rebounds from last year's slowdown. The article cited information from some store workers and an unnamed spokeswoman who said select markets were being hampered by the shortages.
To be sure, Johnson said Starbucks continues to face operational challenges elsewhere that are testing the resiliency of the company's supply chain.
"We've had some shortages in the bakery case, that certainly is true," he said. "If there's one area we've been focused on it's our supply partners who assemble breakfast sandwiches and some of the food items in our bakery case. That's where we've seen some pressure."
Starbucks shares moved 0.39% higher Thursday to close at $111.99. The stock is up less than 5% year to date.
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June 25, 2021 at 04:38AM
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Starbucks CEO denies reports of shortages in cups and coffee - CNBC
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