Starbucks reports lower earnings and revenue, plans to improve U.S. business.

From CNBC: 2024-10-30 18:30:21

Starbucks reported lower than expected earnings and revenue due to disappointing sales in the U.S. and China. CEO Brian Niccol outlined a plan to improve the company’s U.S. business, including faster drink delivery and bringing back condiment bars. The company plans to cut back on new cafes and renovations in fiscal year 2025.

In Q4, Starbucks reported a net income of $909.3 million, down from $1.22 billion a year earlier. Net sales dropped 3% to $9.07 billion, with global same-store sales falling 7%. U.S. same-store sales declined by 6%, while China saw a 14% decline. The company faces competition from local rivals like Luckin Coffee.



Read more at CNBC:: Starbucks (SBUX) Q4 2024 earnings