On October 30, 2024, Starbucks Corporation reported its financial results for the fourth quarter and full fiscal year ended September 29, 2024. The report revealed a 3% decline in consolidated net revenues to $9.1 billion for the quarter, with global comparable store sales decreasing by 7%. The decline was attributed to an 8% drop in comparable transactions, partially offset by a 2% increase in average ticket prices. In North America, comparable store sales fell by 6%, while international sales saw a 9% decline. The company opened 722 new stores in the quarter, bringing the total to 40,199 stores globally. GAAP operating margin contracted by 380 basis points to 14.4%, primarily due to investments in store partner wages and benefits, and increased promotional activity. GAAP earnings per share were $0.80, a 25% decrease from the previous year. Starbucks...Show More

On October 30, 2024, Starbucks Corporation reported its financial results for the fourth quarter and full fiscal year ended September 29, 2024. The report revealed a 3% decline in consolidated net revenues to $9.1 billion for the quarter, with global comparable store sales decreasing by 7%. The decline was attributed to an 8% drop in comparable transactions, partially offset by a 2% increase in average ticket prices. In North America, comparable store sales fell by 6%, while international sales saw a 9% decline. The company opened 722 new stores in the quarter, bringing the total to 40,199 stores globally. GAAP operating margin contracted by 380 basis points to 14.4%, primarily due to investments in store partner wages and benefits, and increased promotional activity. GAAP earnings per share were $0.80, a 25% decrease from the previous year. Starbucks Rewards loyalty program in the U.S. saw a 4% increase in 90-day active members, totaling 33.8 million. For the full fiscal year, consolidated net revenues increased by 1% to $36.2 billion, with a 2% decline in global comparable store sales. GAAP earnings per share for the year were $3.31, an 8% decrease from the prior year. Starbucks' management acknowledged the challenged customer experience and is developing a plan to return to growth, with CEO Brian Niccol expressing confidence in the company's turnaround strategy. The company has suspended guidance for the full fiscal year 2025 to allow for a comprehensive assessment of the business.