From Financial Modeling Prep: 2024-10-23 09:05:00

Starbucks (NASDAQ:SBUX) shares dropped over 3% in pre-market trading after disappointing Q4 results. Global comparable store sales fell 7%, net revenues slipped 3% to $9.1 billion, and earnings per share dropped 24% to $0.80 on a constant currency basis.

In the US, Starbucks saw a 6% decline in comparable sales due to a 10% drop in transaction volume, partially offset by a 4% increase in average ticket size. In China, sales plummeted 14% for the quarter.

New CEO Brian Niccol has suspended guidance for the upcoming fiscal year as Starbucks faces declining demand for its premium offerings. The company is recalibrating its strategy to address slowing sales and changing consumer preferences.



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