Starbucks officials stated that customers spent more on each visit in 2024
Starbucks reported on Tuesday that its US and global same-store sales fell 4% in the first quarter, marking its fourth consecutive quarterly decline. Its store transactions also dropped 8%.
However, the company saw that customers spent more on each visit in 2024.
The coffee giant made $9.4 billion in revenue, slightly above Wall Street expectations. Its net income was $781 million, and earnings per share were 69 cents.
The new CEO, Brian Niccol, seemed optimistic that the changes the coffee chain has incorporated will drive sales and foot traffic in the coming months.
He also announced Starbucks will trim its menu by 30% by the end of fiscal 2025 and expects layoff announcements in March.