Since recent take over chief executive Brian Niccol he has been rearranging leadership ranks and unveiled plans to make cafes more inviting
Starbucks pulled guidance for 2025 after sales plunged for a third consecutive quarter, calling attention to the scope of the problems facing new chief executive Brian Niccol.
Starbucks said withdrawing guidance for the current fiscal year will give Mr Niccol an opportunity to assess the business and solidify a turnaround plan. Since taking over the top post on September 9th, he has been rearranging the leadership ranks and has unveiled the broad outline of a plan to stoke growth that includes making cafes more inviting and speeding up morning service.
The fourth-quarter sales decline was twice as steep as analysts had expected and the biggest quarterly drop in four years. Starbucks said that a push to launch more products and offer a plethora of promotions failed to bring more customers into its stores. It is not uncommon for companies to wipe the slate clean for new executives by resetting investor expectations. Nike Inc., facing one of its roughest patches in decades, withdrew its sales guidance earlier this month ahead of the arrival of new chief executive Elliott Hill.
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