Starbucks faces third straight quarter sales slump
Starbucks faces third straight quarter sales slump . (MENAFN) Starbucks, the US-based coffeehouse chain, reported a decrease in sales for the third straight quarter, as revealed in its financial results statement issued on Wednesday. Global comparable ...
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(MENAFN) Starbucks, the US-based coffeehouse chain, reported a decrease in sales for the third straight quarter, as revealed in its financial results statement issued on Wednesday. Global comparable store sales fell by 7 percent. In North America, sales dropped by 6 percent, while sales in China plummeted by 14 percent and international sales declined by 9 percent.



The firm stated that it has 722 net branches that are newly opened in the fourth quarter (July-September) of the 2024 economic year, reaching to 40,199 branches worldwide.



"At the end of Q4, stores in the US and China comprised 61 percent of the company’s global portfolio, with 16,941 and 7,596 stores in the US and China, respectively," said the statement. Revenue decreased by 3 percent, falling to USD6.69 billion from USD6.69 billion compared to the previous year.





“It is clear we need to fundamentally change our strategy to win back customers," stated the chairman and CEO, Brian Niccol, "We have a clear plan and are moving quickly to return Starbucks to growth." CFO Rachel Ruggeri stated that the financial results do not represent the reputation of the Starbucks brand, expressing confidence in the abilities of the company to recover and achieving long-time growth.

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https://menafn.com/1108845259/Starbucks-faces-third-straight-quarter-sales-slump
2024-11-03
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(MENAFN) Starbucks, the US-based coffeehouse chain, reported a decrease in sales for the third straight quarter, as revealed in its financial results statement issued on Wednesday. Global comparable ...
Starbucks faces third straight quarter sales slump