NEW YORK — US coffee giant Starbucks on Tuesday released preliminary results showing that sales are continuing to fall, as the new chief executive officer (CEO) vowed a strategic overhaul to turn the company around.
NEW YORK — US coffee giant Starbucks on Tuesday released preliminary results showing that sales are continuing to fall, as the new chief executive officer vowed a strategic overhaul to turn the company around.'Our fourth-quarter performance makes it clear that we need to fundamentally change our strategy so we can get back to growth and that's exactly what we are doing with our 'Back to Starbucks ' plan,' CEO Brian Niccol said in a statement.
Full quarterly results are due to be published on October 30.The company said such results were driven by 'softness in North America's revenues in the quarter,' specifically a 6-percent decline in US comparable store sales, driven by a 10-percent decline in comparable transactions but partially offset by a 4-percent increase in average transactions.Various promotions introduced by the company 'did not improve customer behaviors,' Starbucks said.
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