Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Business

Starbucks is reeling as customers go elsewhere, sales decline

by admin August 1, 2024
August 1, 2024
Starbucks is reeling as customers go elsewhere, sales decline

Starbucks on Tuesday reported quarterly revenue that missed analysts’ expectations as both its U.S. and international cafes faced weaker demand.

Shares of the company rose more than 1% in extended trading.

Here is what the company reported compared to what Wall Street was expecting, based on a survey of analysts by LSEG:

The coffee giant reported fiscal third-quarter net income attributable to the company of $1.05 billion, or 93 cents per share, down from $1.14 billion, or 99 cents per share, a year earlier.

Excluding items, Starbucks earned 93 cents per share.

Net sales dropped 1% to $9.11 billion. The company’s same-store sales fell 3% in the quarter, fueled by a 5% decline in transactions.

Traffic to its U.S. stores fell again this quarter, dropping 6%. Domestic same-store sales fell 2%, boosted by an increase in average ticket. Last quarter, executives discussed plans to revive the lagging U.S. business that included leaning on discounts and new drinks to bring back customers who had abandoned the chain.

Outside of North America, same-store sales slid 7%. In China, Starbucks’ second-largest market, same-store sales tumbled 14% as both average ticket and transactions shrank. Starbucks has faced stiffer competition in China from local coffee shops that undercut the coffee giant on price.

Starbucks opened 526 net new stores in the fiscal quarter.

The company will discuss its outlook for fiscal 2024 on its upcoming conference call. Last quarter, Starbucks slashed its forecast, projecting revenue growth of a low single-digit percentage and earnings per share growth in a range of flat to a low single-digit percentage.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Stellantis to offer broad buyouts to U.S. salaried workers, warns of possible layoffs
next post
Silver Crown Royalties

Related Posts

The fight over credit card swipe fees enters...

January 7, 2025

AT&T, other phone companies sued over stolen nude...

July 31, 2024

Boeing taps aerospace veteran Ortberg to replace Dave...

August 1, 2024

AMD launches AI chip to rival Nvidia’s Blackwell

October 11, 2024

Lululemon shares drop 15% as CEO says inflation,...

March 29, 2025

The great wealth transfer has started — but...

May 9, 2024

Jaguar reveals glossy rebrand that features no cars...

November 21, 2024

Elon Musk’s X sues advertisers over alleged ‘massive...

August 7, 2024

JPMorgan Chase is opening more small-town branches in...

August 7, 2024

The first Fed interest rate cut in years...

July 31, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Trump flips his shutdown approach, leaving Congress to take the heat

      October 7, 2025
    • Mike Johnson fires back at Hakeem Jeffries’ ‘desperate’ call for televised shutdown debate

      October 7, 2025
    • Schumer’s shutdown scheme explained: Dems double down on Obamacare credits as standoff drags on

      October 7, 2025
    • Schumer’s shutdown holds as Senate Dems block GOP bid to reopen government

      October 7, 2025
    • Kennedy claims Democrats want millions for foreign LGBT projects, electric buses to end shutdown

      October 7, 2025

    Categories

    • Business (1,115)
    • Investing (3,197)
    • Politics (3,899)
    • Stocks (1,155)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved