Starbucks on Tuesday posted preliminary quarterly results, which showed its sales fell again. Nearly two months ago, CEO Brian Niccol took the helm of the…
He aims to reverse slowing demand for Starbucks' drinks, particularly in its two largest markets: the United States and China. In the U.S., the chain has been losing its occasional customers, who have opted to save money instead of spending on its macchiatos and Refreshers. Starbucks' business in China has also been struggling to recover ever since the pandemic, and the rise of cheaper local rivals like Luckin Coffee and a more cautious consumer have dented sales in recent months.
To curb Starbucks' sales slump, Niccol plans to turn first to the company's struggling U.S. business. In an open letter released during his first week on the job,Niccol has also been reshuffling the company's executive ranks. On Friday, the company announced a former Chipotle executive, Tressie Lieberman,as its global chief brand officer, a newly created position.
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