• From the Seattle Times:
"After months of stalled negotiations, pickets, strike threats and mounting financial uncertainty, PCC Community Markets has reached a tentative labor deal with its about 1,600 unionized hourly workers, both sides said Wednesday.
"The agreement comes less than a week after co-op workers represented by United Food & Commercial Workers Local 3000 authorized a strike against the Seattle-based organic grocery store chain … It’s not clear how much more money PCC offered in this deal versus the offer that union members rejected Friday, when a strike was authorized. Union officials complained that the rejected offer would have meant only a 10-cent to 20-cent increase over earlier PCC proposals."
PCC is the largest consumer-owned food cooperative in the United States, but it has had financial issues in recent years. Some of the blame has been assigned to an aggressive growth strategy that it could not support, but the CEO, Krish Srinivasan, has said that it "is focused on restoring and securing its long-term financial viability."
• Starbucks said this week that its Q1 net revenue was up eight percent to $9.4 billion, with global and North American same-store sales up five percent.
Operating income increased to $1.5 billion in Q1 FY24 compared to $1.2 billion in Q1 FY23.
Starbucks said that it "opened 549 net new stores in Q1, ending the period with 38,587 stores: 51% company-operated and 49% licensed."