CEO Niccol took over on Sept. 9 at a time when the coffee chain struggled with tackling weakness in two top markets, the US and China.
Starbucks said Tuesday it was suspending its annual forecasts as new CEO Brian Niccol looks to turn around the coffee giant struggling to stem
Shares of the company were down about 6% in after-hours trading as the coffee chain also expects to report a decline in quarterly sales and profit.CEO Brian Niccol, who took over last month, is looking to turn around the coffee giant struggling to stem easing customer demand.“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.
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