Starbucks Corporation shared on Wednesday that its third-quarter revenue shrank by 3.2% compared to the previous year, arriving at $9.1 billion.
The American coffeehouse chain saw its operating income decline by 23.4% to $1.3 billion in the reported trimester, with its diluted net earnings per share plunging 24.5% to $0.80. For the full fiscal year, Starbucks booked $36.2 billion in revenue, up 0.6% year-over-year. Its operating income fell 7.9% to $4.4 billion, with its diluted earnings per share seeing a 7.5% drop to $3.31.
"My experience tells me that when we get back to our core identity and consistently deliver a great experience, our customers will come back. We have a clear plan and are moving quickly to return Starbucks to growth," CEO Brian Niccol commented.
Following the earnings report, the company's shares were down 1.15% in the after-hours trading.
