The java chain reported sales that fell for the third quarter in a row and suspended its guidance for the full fiscal year 2025.
Starbucks shares dropped Wednesday after the company warned its inflation-battered customers are cutting back on its pricey coffee — even as its new CEO Brian Niccol begins a turnaround bid.
“Our fourth quarter performance makes it clear that we need to fundamentally change our strategy so we can get back to growth,” Niccol said in a statement.Hard-charging Bank of America boss has team yanked away months after death of worker who logged 100-hour workweeks “Despite our heightened investments, we were unable to change the trajectory of our traffic decline, resulting in pressures in both our top-line and bottom-line,” Chief Financial Officer Rachel Ruggeri said in a statement.Despite the disheartening quarter, Starbucks raised its dividend from 57 cents to 61 cents per share.
Brian Niccol Chipotle Mexican Grill Corporate Earnings Starbucks
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