Starbucks surpasses Wall Street's expectations for earnings and revenue in its latest quarter, but experiences a fourth straight decline in same-store sales. CEO Brian Niccol attributes the progress to recent changes like removing charges for non-dairy milk and focusing on core coffee offerings. The company reports a 4% drop in same-store sales, outperforming analyst predictions of a 5.5% decline. Starbucks also cites ongoing efforts to revitalize its U.S. business and plans to control expansion and renovations to allocate resources for its turnaround strategy.
Starbucks topped Wall Street's estimates for its quarterly earnings and revenue, but the company's same-store sales slid for the fourth consecutive quarter.reported
that its same-store sales slid for the fourth consecutive quarter, but the company's quarterly earnings and revenue beat Wall Street's expectations."While we have room for improvement, we're making progress as planned, and have confidence we're on the right track," CEO Brian Niccol said in aHe added that the company has seen a "positive response" to the early steps it has taken.
U.S. same-store sales slid 4% as traffic to its cafes fell 8%. Under Niccol, who took the reins in September, the company has been trying to turn around its U.S. business by getting "back to Starbucks" and returning its focus to coffee and the customer experience.Starbucks' same-store sales in China, its second-largest market, fell 6%, fueled by a 4% decline in average ticket.
Niccol also has plans for Starbucks' corporate workforce. He has been reorganizing the company's structure, including splitting the role of North American president into two jobs.
STARBUCKS EARNINGS REVENUE SAMESTORESALES CEO TURNAROUND
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