"Our financial results were very disappointing, and it is clear we need to fundamentally change our strategy to win back customers and return to growth," Niccol said.
Starbucks customers who prefer non-dairy milk will soon start saving a bit of change when ordering from the coffeehouse chain, as Starbucks announced Wednesday it will remove its extra charge for dairy substitutes next week.
Improving the mobile ordering experience at Starbucks is high on Brian Niccol's immediate to-do list as he takes the CEO reins at the Seattle coffee giant.
Starbucks (SBUX) came out with quarterly earnings of $0.80 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $1.06 per share a year ago.
Starbucks will stop surcharges on non-dairy milk ahead of the holidays. CEO Brian Niccol announced the change during a Wednesday earnings call.
Starbucks will eliminate the extra charge for dairy alternatives after years of pleading from customers. In recent months, the coffee giant's higher prices have scared away some of its occasional customers.
Starbucks (SBUX) reported declining sales in its most recent quarter, ending its fiscal year on a down note.
Starbucks' new CEO, Brian Niccol, is set to lay out plans to turn around the struggling coffee chain. "It is clear we need to fundamentally change our strategy to win back customers," he said Wednesday.
Starbucks Corp. on Wednesday said its latest quarterly results “do not reflect the strength of our brand,” and said it needed to make fundamental changes to bring back customers.
More than ever, the market needs a reason to believe in this company.
Starbucks' preliminary sales fell 3%, marking the third consecutive quarter of shrinking revenue for the coffee giant. Investors will be expecting to hear more details about CEO Brian Niccol's strategy to revive the company's U.S. business.
Starbucks Corporation SBUX will release earnings results for its fourth quarter, after the closing bell on Wednesday, Oct. 30.