Starbucks Corporation announced on Tuesday that its consolidated net revenues for the third quarter of fiscal 2024 stood at $9.1 billion, down 1% from the same quarter a year earlier and missing estimates.
Adjusted earnings per share (EPS) slumped 6.1% year on year to $0.93, while operating income reached $1.5 million.
"Our three-part action plan is beginning to work and driving operational improvements that we expect to improve financial performance […] Our growing culture of focused innovation and relentless execution continues to enhance our capabilities, while helping return the business to sustainable growth," CEO Laxman Narasimhan said. Following the release of the report, Starbucks shares jumped by 2.00%, selling at $77.46 apiece in the after-hours trading
