Starbucks on Tuesday reported that its same-store sales slid for the fourth consecutive quarter, but the company’s quarterly earnings and revenue beat Wall Street’s expectations.
The coffee giant kicked off a turnaround plan last quarter in the hopes of reviving its U.S. business, which has slumped over the past year.
“While we have room for improvement, we’re making progress as planned, and have confidence we’re on the right track,” CEO Brian Niccol said in a video released on the company’s website Tuesday afternoon.
He added that the company has seen a “positive response” to the early steps it has taken. Those tweaks have included removing extra charges for nondairy milk options, focusing its marketing on its coffee and slashing 30% of its food and beverage menu items by the end of fiscal 2025.
Here is what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: 69…
