The Starbucks logo was seen on a cup in one of its cafes on April 26, 2024.
Jakub Porzycki/ | Norfuto Gety pictures
Starbucks It stated on Tuesday that its same sales fell for the fourth quarter in a row, but the quarterly profits and quarterly revenues defeated Wall Street.
The coffee giant started a plan in the last quarter in the hope of reviving its American business, which decreased during the past year.
“As we have an improvement in improvement, we are making progress as planned, and we trust that we are on the right track,” said CEO Brian Nicole said in a video clip on the company's website on the Internet on Tuesday afternoon.
Here is what the company informed compared to what Wall Street expected, based on a survey of analysts by LSEG:
- Arrow profit: 69 cents against 67 cents expected
- Revenue: 9.4 billion dollars for $ 9.31 billion expected
Starbucks reported that net income in the first financial quarter, which is attributed to the company of $ 780.8 million, or 69 cents per share, decreased from 1.02 billion dollars, or 90 cents per share, a year ago.
Net company sales It has not changed 9.4 billion dollars for the previous year.
The company's itself decreased 4 %, and it is nourished by a 6 % decrease in traffic to its stores. Wall Street expected a 5.5 % sharp decrease, according to street estimates. Both American and international sites outperformed expectations.
The store's sales in the United States decreased by 4 %, as traffic fell to its cafes by 8 %. Under the leadership of Nicole, who got the reins in September, the company is trying to circumvent its American business by returning to Starbucks “and re -focusing it to coffee and customer experience.
Outside its local market, sales of the same stores decreased by 4 %.
Starbucks sales in the store decreased in China, its second largest market, by 6 %, nurturing it by 4 % in a medium ticket. The coffee giant tended to discounts in China to compete with competitors who had much lower prices, such as Luckin coffee.
