The results came on the heels of a bruising April earnings report that drew a tough response on Wall Street, prompting Chief Executive Officer (CEO) Laxman Narasimhan to promise a reset.
NEW YORK — Starbucks reported lower profits on Tuesday behind broad-based sales declines, but shares rose as the company said a turnaround was on track.The results came on the heels of a bruising April earnings report that drew a tough response on Wall Street, prompting Chief Executive Officer Laxman Narasimhan to promise a reset.In the latest batch of results, Starbucks reported a 3-percent drop in global comparable sales, a slight improvement from the 4-percent drop in the April quarter.
'We're rebuilding the operational foundation of our stores and supply chain.'Starbucks has cited weakening consumer sentiment and difficult market conditions in China as factors in its troubles.But Narasimhan also pledged a sharper focus on operations to, for example, ensure a better fulfillment of customer orders during the morning rush hour.The weak April results sparked a public comment from Howard Schultz, the company's longtime chief whom Narasimhan succeeded in April 2023.
Profits Fall Again But CEO Says Turnaround Under Way
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