Starbucks shares slide after coffee chain says sales fell again, suspends outlook
Publishing timestamp: 2024-10-22 20:11:02
Summary
Starbucks released preliminary results for its fiscal fourth quarter, showing a decline in sales. The company's same-store sales fell for the third consecutive quarter, with a 10% drop in traffic to its North American stores. Starbucks raised its dividend and suspended its outlook for fiscal 2025 as it works on a turnaround plan. CEO Brian Niccol plans to share more details on the company's strategy on the upcoming earnings call. Despite the challenges, Starbucks believes its problems are fixable and has strengths to build on.
Sentiment: MIXED
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