Starbucks Reports Lower Than Expected Revenue Amid Soft International Demand
The coffee giant's revenue fell 4% in the fiscal fourth quarter, primarily due to a decline in international store traffic.
Business & Markets • 3 hours ago
Starbucks reported lower than expected revenue in its fiscal fourth quarter, with international demand softening impacting overall results. The coffee chain announced a 4% drop in net revenue to $9.14 billion for the July-September period, falling short of the $9.2 billion forecast by Wall Street analysts.
Despite the revenue dip, global same-store sales saw an increase of 7.2%, surpassing the 6% rise anticipated by analysts polled by FactSet. This growth was predominantly driven by strong performance in the U.S., where same-store sales climbed 7.7%. However, international same-store sales grew by less than 1%, and the company noted a 2.8% decrease in international store traffic during the quarter.