{"id":45802,"date":"2026-04-30T03:20:48","date_gmt":"2026-04-30T03:20:48","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/starbucksin-yeniden-yapilanma-sureci-marj-testiyle-karsi-karsiya\/"},"modified":"2026-04-30T03:20:48","modified_gmt":"2026-04-30T03:20:48","slug":"starbucksin-yeniden-yapilanma-sureci-marj-testiyle-karsi-karsiya","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/opinion\/starbucksin-yeniden-yapilanma-sureci-marj-testiyle-karsi-karsiya\/","title":{"rendered":"Starbucks\u2019\u0131n Yeniden Yap\u0131lanma S\u00fcreci Marj Testiyle Kar\u015f\u0131 Kar\u015f\u0131ya"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/05\/1_image-2-1024x573.webp\" alt=\"\" class=\"wp-image-49078\"\/><\/figure>\n\n\n\n<p><strong>\u00d6ne \u00c7\u0131kanlar<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>SBUX hissesi, Starbucks\u2019\u0131n 2026 mali y\u0131l\u0131 2. \u00e7eyrekte (Q2 FY26) beklentileri a\u015fmas\u0131 ve y\u0131l geneli tahminini y\u00fckseltmesi sonras\u0131 yeniden g\u00fcndemde.<\/li>\n\n\n\n<li>\u201cBack to Starbucks\u201d (markan\u0131n ma\u011faza deneyimini ve hizmet kalitesini toparlama) program\u0131 \u00f6zellikle ABD\u2019de ma\u011faza trafi\u011fini, sat\u0131\u015flar\u0131 ve m\u00fc\u015fteri ba\u011fl\u0131l\u0131\u011f\u0131n\u0131 g\u00fc\u00e7lendiriyor.<\/li>\n\n\n\n<li>K\u00e2rl\u0131l\u0131k (marj) ana risk: i\u015fg\u00fcc\u00fc harcamalar\u0131, kahve fiyatlar\u0131, g\u00fcmr\u00fck vergileri ve \u00fcr\u00fcn karmas\u0131 (sat\u0131lan \u00fcr\u00fcnlerin da\u011f\u0131l\u0131m\u0131) k\u00e2r\u0131 bask\u0131l\u0131yor.<\/li>\n\n\n\n<li>SBUX\u2019ta bir sonraki a\u015fama, y\u00fckselen sat\u0131\u015flar\u0131n daha net bir net k\u00e2r\/hisse ba\u015f\u0131 k\u00e2r art\u0131\u015f\u0131na d\u00f6n\u00fcp d\u00f6nmeyece\u011fine ba\u011fl\u0131.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">SBUX Toparlan\u0131yor: D\u00f6n\u00fc\u015f Plan\u0131 Rakamlarla G\u00f6r\u00fcn\u00fcyor<\/h2>\n\n\n\n<p>SBUX hissesi, Starbucks\u2019\u0131n d\u00f6n\u00fc\u015f hik\u00e2yelerinde aranan t\u00fcrden bir bilan\u00e7o a\u00e7\u0131klamas\u0131yla yeniden yat\u0131r\u0131mc\u0131lar\u0131n radar\u0131na girdi: daha g\u00fc\u00e7l\u00fc sat\u0131\u015flar, artan m\u00fc\u015fteri trafi\u011fi, y\u00fckseltilen y\u0131l sonu beklentisi ve m\u00fc\u015fterilerin geri d\u00f6nd\u00fc\u011f\u00fcne dair daha net sinyaller.<\/p>\n\n\n\n<p>Starbucks i\u00e7in soru \u015fuydu: Brian Niccol\u2019un d\u00f6n\u00fc\u015f plan\u0131 sunumlarda kalmay\u0131p rakamlara yans\u0131yacak m\u0131? Son \u00e7eyrek, \u015fimdilik \u201cevet\u201d diyor.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Starbucks earnings miss forecasts, US sales flat as turnaround efforts continue <a href=\"https:\/\/t.co\/OfGtZj2hrY\">https:\/\/t.co\/OfGtZj2hrY<\/a><\/p>&mdash; Yahoo Finance (@YahooFinance) <a href=\"https:\/\/twitter.com\/YahooFinance\/status\/1983633979266781453?ref_src=twsrc%5Etfw\">October 29, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Starbucks, Q2 FY26\u2019da <strong>k\u00fcresel benzer ma\u011faza sat\u0131\u015flar\u0131nda (comparable store sales: ayn\u0131 ma\u011fazalar\u0131n bir \u00f6nceki y\u0131la g\u00f6re sat\u0131\u015f de\u011fi\u015fimi) %6,2<\/strong> b\u00fcy\u00fcme a\u00e7\u0131klad\u0131; piyasa beklentisi yakla\u015f\u0131k <strong>%3,7<\/strong> idi. Gelir <strong>%9 art\u0131\u015fla 9,5 milyar dolara<\/strong> \u00e7\u0131kt\u0131. \u015eirketin <strong>d\u00fczeltilmi\u015f hisse ba\u015f\u0131 k\u00e2r\u0131 (adjusted EPS: tek seferlik kalemler ay\u0131klanm\u0131\u015f k\u00e2r) 0,50 dolar<\/strong> oldu; beklenti yakla\u015f\u0131k <strong>0,43 dolar<\/strong> seviyesindeydi. Starbucks ayr\u0131ca 2026 mali y\u0131l\u0131 beklentisini y\u00fckseltti: art\u0131k <strong>k\u00fcresel ve ABD\u2019de benzer ma\u011faza sat\u0131\u015flar\u0131nda %5 ve \u00fczeri<\/strong> b\u00fcy\u00fcme, <strong>d\u00fczeltilmi\u015f EPS\u2019nin 2,25\u20132,45 dolar<\/strong> aral\u0131\u011f\u0131nda olmas\u0131n\u0131 bekliyor.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/05\/image-35-1024x598.jpg\" alt=\"\" class=\"wp-image-49077\"\/><\/figure>\n\n\n\n<p><em>Kaynak: Starbucks<\/em><\/p>\n\n\n\n<p>Bu tablo, bilan\u00e7o \u00f6ncesine g\u00f6re daha g\u00fc\u00e7l\u00fc. Starbucks son iki y\u0131lda zay\u0131flayan ma\u011faza trafi\u011fi, operasyon sorunlar\u0131, \u00c7in\u2019de belirsizlik ve markan\u0131n g\u00fcnl\u00fck \u00e7ekicili\u011fini kaybedip kaybetmedi\u011fine dair soru i\u015faretleriyle u\u011fra\u015ft\u0131. Son sonu\u00e7lar sorunlar\u0131 bitirmiyor, ancak fiyatlamaya dayanak olacak daha somut veri sunuyor.<\/p>\n\n\n\n<!-- TradingView Widget BEGIN -->\n<div class=\"tradingview-widget-container\" style=\"height:100%;width:100%\">\n  <div class=\"tradingview-widget-container__widget\" style=\"height:calc(100% - 32px);width:100%\"><\/div>\n  <div class=\"tradingview-widget-copyright\"><a href=\"https:\/\/www.tradingview.com\/symbols\/NASDAQ-SBUX\/\" rel=\"noopener nofollow\" target=\"_blank\"><span class=\"blue-text\">SBUX stock chart<\/span><\/a><span class=\"trademark\">on VT, by TradingView<\/span><\/div>\n  <script type=\"text\/javascript\" src=\"https:\/\/s3.tradingview.com\/external-embedding\/embed-widget-advanced-chart.js\" async>\n  {\n  \"allow_symbol_change\": true,\n  \"calendar\": false,\n  \"details\": false,\n  \"hide_side_toolbar\": true,\n  \"hide_top_toolbar\": false,\n  \"hide_legend\": false,\n  \"hide_volume\": false,\n  \"hotlist\": false,\n  \"interval\": \"D\",\n  \"locale\": \"en\",\n  \"save_image\": true,\n  \"style\": \"1\",\n  \"symbol\": \"NASDAQ:SBUX\",\n  \"theme\": \"dark\",\n  \"timezone\": \"Etc\/UTC\",\n  \"backgroundColor\": \"#0F0F0F\",\n  \"gridColor\": \"rgba(242, 242, 242, 0.06)\",\n  \"watchlist\": [],\n  \"withdateranges\": false,\n  \"compareSymbols\": [],\n  \"studies\": [],\n  \"autosize\": true\n}\n  <\/script>\n<\/div>\n<!-- TradingView Widget END -->\n\n\n\n<p>SBUX\u2019u izleyen yat\u0131r\u0131mc\u0131lar i\u00e7in mesele art\u0131k \u201cd\u00f6n\u00fc\u015f hik\u00e2yesi var m\u0131?\u201d de\u011fil. Var. As\u0131l soru, marjlar toparlanmadan \u00f6nce hisse fiyat\u0131n\u0131n bu iyile\u015fmeyi ne kadar sat\u0131n ald\u0131\u011f\u0131.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">ABD\u2019de Trafik En Net Sinyal<\/h2>\n\n\n\n<p>G\u00fcncellemenin en g\u00fc\u00e7l\u00fc k\u0131sm\u0131 ABD taraf\u0131yd\u0131. Kuzey Amerika\u2019da benzer ma\u011faza sat\u0131\u015flar\u0131 <strong>%7,1<\/strong> artt\u0131; bunu daha y\u00fcksek i\u015flem\/adet (transaction: kasadan ge\u00e7en sipari\u015f say\u0131s\u0131) ve daha g\u00fc\u00e7l\u00fc m\u00fc\u015fteri etkile\u015fimi destekledi. Bu \u00f6nemli; sadece fiyat art\u0131\u015f\u0131yla gelen b\u00fcy\u00fcme k\u0131r\u0131lgan olur. M\u00fc\u015fterinin ma\u011fazaya geri d\u00f6nmesi daha sa\u011flam bir i\u015faret.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Starbucks&#39; loyalty program changes are drawing value-conscious customers <a href=\"https:\/\/t.co\/C78dKR5eK7\">https:\/\/t.co\/C78dKR5eK7<\/a><\/p>&mdash; CNBC (@CNBC) <a href=\"https:\/\/twitter.com\/CNBC\/status\/2047334206498328898?ref_src=twsrc%5Etfw\">April 23, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Starbucks, \u201cBack to Starbucks\u201d kapsam\u0131nda h\u0131z, personel planlamas\u0131, hizmet standard\u0131 ve ma\u011faza deneyimine odakland\u0131. Reuters\u2019a g\u00f6re <a href=\"https:\/\/www.reuters.com\/world\/china\/starbucks-closes-china-deal-with-boyu-plans-expand-stores-2026-04-02\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">m\u00fc\u015fteri ziyaretleri<\/a> <strong>%5,9<\/strong> artt\u0131; <strong>ma\u011fazalar\u0131n yakla\u015f\u0131k %80\u2019i<\/strong> hizmet hedeflerini kar\u015f\u0131lad\u0131. Bu, \u015firketin daha fazla i\u00e7ecek satman\u0131n yan\u0131nda \u00f6nceki \u00e7eyreklerde markay\u0131 zedeleyen aksakl\u0131klar\u0131 da azaltt\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n\n\n\n<p>SBUX i\u00e7in izlenecek ana veri ma\u011faza trafi\u011fi. Daha fazla m\u00fc\u015fteri, geliri destekler, markaya g\u00fcveni art\u0131r\u0131r ve zaman i\u00e7inde marjlar\u0131 toparlamak i\u00e7in alan a\u00e7ar. \u0130\u015flem say\u0131s\u0131 artmaya devam ederse, y\u00f6netim i\u015fg\u00fcc\u00fc ve operasyonlara harcama yaparken yat\u0131r\u0131mc\u0131lar\u0131n sabr\u0131 artabilir.<\/p>\n\n\n\n<p>Risk \u015fu: beklentiler h\u0131zla y\u00fckseliyor. Piyasa \u201ctoparlan\u0131r m\u0131?\u201d noktas\u0131ndan \u201ctoparlan\u0131yor\u201d noktas\u0131na ge\u00e7ince her \u00e7eyrek bir kontrol listesine d\u00f6n\u00fc\u015f\u00fcr. Starbucks m\u00fc\u015fterinin geri gelebilece\u011fini g\u00f6sterdi; \u015fimdi bu ivmenin s\u00fcr\u00fcp s\u00fcrmeyece\u011fini kan\u0131tlamal\u0131.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Marj S\u0131nav\u0131 Bitmedi<\/h2>\n\n\n\n<p>SBUX i\u00e7in olumlu tablo g\u00fc\u00e7lendi, ancak marj taraf\u0131 h\u00e2l\u00e2 zay\u0131f.<\/p>\n\n\n\n<p>Starbucks\u2019\u0131n Kuzey Amerika <a href=\"https:\/\/www.reuters.com\/business\/retail-consumer\/starbucks-tops-quarterly-sales-estimates-ceos-turnaround-gains-momentum-2026-04-28\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">faaliyet k\u00e2r marj\u0131 (operating margin: ana i\u015ften elde edilen k\u00e2r\u0131n gelire oran\u0131) %9,9\u2019a<\/a> geriledi; ge\u00e7en y\u0131l <strong>%11,6<\/strong> idi. \u015eirket gerilemeyi d\u00f6n\u00fc\u015f plan\u0131na ba\u011fl\u0131 i\u015fg\u00fcc\u00fc harcamalar\u0131, \u00fcr\u00fcn karmas\u0131 de\u011fi\u015fimi, g\u00fcmr\u00fck vergileri ve y\u00fcksek kahve fiyatlar\u0131yla a\u00e7\u0131klad\u0131. Daha y\u00fcksek sat\u0131\u015flar\u0131n maliyetleri yayma etkisi (sales leverage: sat\u0131\u015f art\u0131nca sabit giderlerin oran olarak d\u00fc\u015fmesi) yard\u0131mc\u0131 oldu ama bask\u0131y\u0131 tamamen telafi etmedi.<\/p>\n\n\n\n<p>Bu da yat\u0131r\u0131mc\u0131y\u0131 tan\u0131d\u0131k bir noktaya getiriyor: \u015eirket i\u015fi d\u00fczeltmek i\u00e7in harc\u0131yor; bu harcamalar gerekli olabilir. Daha iyi personel planlamas\u0131 servis s\u00fcresini k\u0131salt\u0131r, \u015fik\u00e2yetleri azalt\u0131r ve i\u015flem say\u0131s\u0131n\u0131 art\u0131r\u0131r. Ancak piyasa bir s\u00fcre sonra bu harcaman\u0131n k\u00e2ra yans\u0131d\u0131\u011f\u0131n\u0131 g\u00f6rmek ister.<\/p>\n\n\n\n<p>Burada SBUX daha oynak hale gelebilir. Sat\u0131\u015flar beklentileri a\u015f\u0131p marjlar bask\u0131da kal\u0131rsa, piyasa d\u00f6n\u00fc\u015f\u00fc \u00f6d\u00fcllendirmeye devam edebilir ama daha s\u0131n\u0131rl\u0131. Sat\u0131\u015f b\u00fcy\u00fcmesiyle marj toparlanmas\u0131 ayn\u0131 anda gelirse, hisse de\u011ferlemesini (valuation: piyasan\u0131n \u015firkete bi\u00e7ti\u011fi fiyat seviyesi) savunmak kolayla\u015f\u0131r.<\/p>\n\n\n\n<p>\u00d6n\u00fcm\u00fczdeki \u00e7eyrekler, Starbucks\u2019\u0131n k\u00e2rl\u0131l\u0131\u011f\u0131 feda ederek mi b\u00fcy\u00fcd\u00fc\u011f\u00fcn\u00fc, yoksa daha kal\u0131c\u0131 bir k\u00e2r d\u00f6ng\u00fcs\u00fcn\u00fcn temelini mi att\u0131\u011f\u0131n\u0131 g\u00f6sterecek.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u00c7in\u2019de Daha Net Bir Reset Gerek<\/h2>\n\n\n\n<p>\u00c7in\u2019de yerel kahve zincirleri rekabeti de\u011fi\u015ftirdi. Luckin, Cotti, Lucky Cup ve benzeri oyuncular d\u00fc\u015f\u00fck fiyat, k\u00fc\u00e7\u00fck ma\u011faza format\u0131, uygulama \u00fczerinden sipari\u015f ve h\u0131zl\u0131 b\u00fcy\u00fcme ile \u00f6ne \u00e7\u0131kt\u0131. Bu da kahveyi gen\u00e7 t\u00fcketiciler i\u00e7in \u201cpremium ya\u015fam tarz\u0131\u201d harcamas\u0131ndan \u00e7ok g\u00fcnl\u00fck bir \u201cuygun fiyatl\u0131\u201d \u00fcr\u00fcne yakla\u015ft\u0131rd\u0131.<\/p>\n\n\n\n<p>Analistler, \u00c7inli markalar\u0131n yurt d\u0131\u015f\u0131na a\u00e7\u0131l\u0131rken sadece ucuz fiyatla kazanamayaca\u011f\u0131n\u0131; kalite, yerelle\u015ftirme (localisation: \u00fcr\u00fcn\u00fc ve pazarlamay\u0131 \u00fclkeye uyarlama) ve m\u00fc\u015fteri deneyiminin daha \u00f6nemli olaca\u011f\u0131n\u0131 vurguluyor. Starbucks i\u00e7in iki y\u00f6nl\u00fc zorluk var: \u00c7in\u2019de premium alg\u0131y\u0131 korurken, h\u0131z ve fiyat\u0131n daha belirleyici oldu\u011fu bir pazarda rekabet edebilmek.<\/p>\n\n\n\n<p>Son \u00e7eyrek iyile\u015fme g\u00f6sterdi, ancak \u201ctemiz\u201d bir toparlanma demek i\u00e7in erken. Starbucks\u2019\u0131n uluslararas\u0131 birimi, sat\u0131\u015flar\u0131n maliyetlere etkisi ve \u00c7in varl\u0131klar\u0131n\u0131n \u201csat\u0131\u015f i\u00e7in elde tutulan\u201d (held for sale: sat\u0131lmas\u0131 planlanan varl\u0131klar\u0131n muhasebede ayr\u0131 s\u0131n\u0131flanmas\u0131) olarak s\u0131n\u0131fland\u0131r\u0131lmas\u0131na ba\u011fl\u0131 muhasebe etkilerinden destek ald\u0131. Yine de \u00c7in\u2019de talep taraf\u0131 yak\u0131ndan izlenmeli.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Starbucks&#39; China business is reportedly attracting bids valued up to $10,000,000,000. <a href=\"https:\/\/twitter.com\/BrookeDiPalma?ref_src=twsrc%5Etfw\">@BrookeDiPalma<\/a> breaks down the details. \u2615 <a href=\"https:\/\/t.co\/jwZpC7L7is\">pic.twitter.com\/jwZpC7L7is<\/a><\/p>&mdash; Yahoo Finance (@YahooFinance) <a href=\"https:\/\/twitter.com\/YahooFinance\/status\/1943073177325769185?ref_src=twsrc%5Etfw\">July 9, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>SBUX i\u00e7in \u00c7in \u00f6nemli; \u00e7\u00fcnk\u00fc uzun vadeli b\u00fcy\u00fcme alg\u0131s\u0131n\u0131 ve \u00e7arpan\u0131 (multiple: piyasan\u0131n k\u00e2ra\/gelire uygulad\u0131\u011f\u0131 de\u011ferleme katsay\u0131s\u0131) etkiler. ABD\u2019de g\u00fc\u00e7l\u00fc toparlanma k\u0131sa vadede duyarl\u0131l\u0131\u011f\u0131 destekler; \u00c7in\u2019in istikrara kavu\u015fmas\u0131 ise k\u00fcresel b\u00fcy\u00fcme hik\u00e2yesini g\u00fc\u00e7lendirir. \u00c7in zay\u0131f kal\u0131rsa, yat\u0131r\u0131mc\u0131 Starbucks\u2019\u0131 k\u00fcresel b\u00fcy\u00fcme hissesi yerine daha olgun bir ABD t\u00fcketim \u015firketi gibi fiyatlayabilir.<\/p>\n\n\n\n<p>Bu, d\u00f6n\u00fc\u015f hik\u00e2yesini bozmaz. Sadece piyasan\u0131n daha y\u00fcksek bir \u00e7arpan vermeden \u00f6nce daha fazla kan\u0131t isteyebilece\u011fi anlam\u0131na gelir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">SBUX Neden G\u00fcndemde Kalabilir?<\/h2>\n\n\n\n<p>SBUX, son bilan\u00e7o g\u00fcncellemesiyle hem iyimserlere hem de temkinlilere veri sundu\u011fu i\u00e7in g\u00fcndemde kalabilir.<\/p>\n\n\n\n<p>\u0130yimser g\u00f6r\u00fc\u015f: Starbucks yeniden b\u00fcy\u00fcyor, trafik toparlan\u0131yor, beklentiler yukar\u0131 \u00e7ekildi ve operasyonel d\u00fczenleme planlanandan h\u0131zl\u0131 ilerliyor. Barron\u2019s, bu \u00e7eyre\u011fin Q4 2023\u2019ten bu yana ilk \u201cy\u0131ll\u0131k bazda k\u00e2r art\u0131\u015f\u0131\u201d oldu\u011funu yazd\u0131; bu, toparlanmada net bir e\u015fik.<\/p>\n\n\n\n<p>Temkinli g\u00f6r\u00fc\u015f: Hisse zaten iyi habere tepki verdi; de\u011ferleme art\u0131k ucuz de\u011fil ve marj bask\u0131s\u0131 k\u00e2r g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc belirsiz tutuyor. G\u00fc\u00e7l\u00fc bir sat\u0131\u015f \u00e7eyre\u011fi \u00f6nemli; ancak i\u015fg\u00fcc\u00fc maliyetleri artarken, girdi maliyetleri (input costs: kahve gibi ham madde ve di\u011fer maliyetler) y\u00fckselirken ve t\u00fcketici harcamas\u0131 i\u00e7in rekabet sertle\u015firken Starbucks\u2019\u0131n k\u00e2rl\u0131l\u0131\u011f\u0131 ne kadar koruyaca\u011f\u0131 sorusunu tek ba\u015f\u0131na \u00e7\u00f6zm\u00fcyor.<\/p>\n\n\n\n<p>Bu denge, SBUX\u2019u \u201cse\u00e7ici bir toparlanma i\u015flemi\u201dne (recovery trade: k\u00f6t\u00fc d\u00f6nem sonras\u0131 iyile\u015fmeye oynayan pozisyon) d\u00f6n\u00fc\u015ft\u00fcr\u00fcyor; klasik bir ucuzluk (value) hik\u00e2yesi de\u011fil. D\u00f6n\u00fc\u015f ilerliyor, ancak marj taraf\u0131nda yolun yar\u0131s\u0131 bile tamamlanm\u0131\u015f say\u0131lmaz.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Yat\u0131r\u0131mc\u0131lar Bundan Sonra Neye Bakmal\u0131?<\/h2>\n\n\n\n<p>\u00dc\u00e7 sinyal \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n\n\n\n<p>\u0130lki, <strong>ABD\u2019de i\u015flem\/adet art\u0131\u015f\u0131<\/strong>. M\u00fc\u015fteri geri gelmeye devam ederse d\u00f6n\u00fc\u015f i\u00e7in alan var.<\/p>\n\n\n\n<p>\u0130kincisi, <strong>Kuzey Amerika faaliyet k\u00e2r marj\u0131<\/strong>. Starbucks, daha iyi sat\u0131\u015flar\u0131n zamanla daha g\u00fc\u00e7l\u00fc k\u00e2ra d\u00f6nebilece\u011fini g\u00f6stermeli.<\/p>\n\n\n\n<p>\u00dc\u00e7\u00fcnc\u00fcs\u00fc, <strong>\u00c7in\u2019e dair g\u00fcncellemeler<\/strong>. Daha istikrarl\u0131 bir \u00c7in operasyonu uzun vadeli b\u00fcy\u00fcme tezini destekler; yeni bir zay\u0131flama d\u00f6nemi yukar\u0131 potansiyeli s\u0131n\u0131rlayabilir.<\/p>\n\n\n\n<p>SBUX daha iyi bir hik\u00e2ye yazd\u0131; ancak piyasa art\u0131k daha net kan\u0131t isteyecek. Sat\u0131\u015flar d\u00f6nd\u00fc. S\u0131radaki test, k\u00e2r\u0131n kalitesinin de bu d\u00f6n\u00fc\u015f\u00fc takip edip etmeyece\u011fi.<\/p>\n\n<p>\n\n<p><strong>Hemen i\u015flem yapmaya ba\u015flay\u0131n &#8211; Ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in <a href=\"https:\/\/www.vtmarkets.com\/tr\/trade-now\/\">buraya<\/a> t\u0131klay\u0131n <\/strong> <\/p>\n<!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>SBUX yeniden sahnede: Starbucks Q2 FY26\u2019da sat\u0131\u015f ve EPS beklentilerini a\u015ft\u0131, y\u0131l sonu tahminini y\u00fckseltti. ABD\u2019de trafik toparlan\u0131yor; ancak i\u015f\u00e7ilik, kahve ve tarifeler marjlar\u0131 s\u0131k\u0131\u015ft\u0131r\u0131yor. \u00c7in belirsiz.<\/p>\n","protected":false},"author":87,"featured_media":45801,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49],"tags":[],"class_list":["post-45802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/45802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=45802"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/45802\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media\/45801"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=45802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=45802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=45802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}