Starbucks (SBUX) reported preliminary Q4 results that surprised Wall Street with a 3% year-over-year revenue decline to $9.1 billion and a 24% drop in earnings per share to $0.80. The company also suspended its fiscal 2025 guidance, citing the transition to new CEO Brian Niccol, who aims to develop new strategies. Shares fell 3% in after-hours trading.
In the U.S., same-store sales fell 6%, with foot traffic down 10%, despite promotional in-app deals. In China, sales dropped 14%, driven by weak consumer spending and competition. Niccol is focusing on simplifying the menu, addressing pricing issues, and improving customer loyalty as part of a broader marketing overhaul.
Starbucks will release its full Q4 and fiscal 2024 results on October 30.
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