Starbucks shared its preliminary figures for the fourth quarter and the entire fiscal year of 2024 on Tuesday. The report revealed a 7% decline in global comparable store sales for the last quarter, with net revenue slipping by 3% to reach $9.1 billion.
"For the fourth quarter of fiscal year 2024, global comparable store sales declined 7%, and consolidated net revenues declined 3% to $9.1 billion," the coffee maker said. "Given the company's CEO transition coupled with the current state of the business, guidance will be suspended for the full fiscal year 2025."
The downturn was largely attributed to weaker performance in North America, particularly a 6% drop in US comparable store sales during the period. Starbucks plans to officially announce its fiscal fourth-quarter earnings after the market closes on October 30.
The coffeehouse chain's shares dropped by 5.20% in after-hours trading, selling for $92.37 apiece.
