Brian Niccol speaks on CNBC’s Squawk Box on October 30, 2018.
Anjali Sundaram | CNBC
Starbucks More details about the fiscal fourth quarter will be shared after the bell on Wednesday.
The coffee giant reported preliminary quarterly results on Oct. 22, showing its sales fell for the third consecutive quarter.
Here’s what Wall Street analysts surveyed by London Stock Exchange Group (LSEG) expected from the company’s report:
- Earnings per share: Estimated $1.03
- income: Estimated US$9.38 billion
The earnings report marked Chief Executive Brian Niccol’s first turnaround since joining the company in September.
Investors will look forward to hearing more details about Nicol’s strategy. He has previously said he plans to focus first on reviving U.S. sales and bringing the brand “back to Starbucks.” When the coffee chain released its initial report, Nicol said in prepared remarks that the company would simplify its menu, finalize pricing and ensure all drinks are delivered to customers.
Starbucks’ sales fell 3% in its most recent quarter, with same-store sales down 7%, according to preliminary reports, the company’s biggest decline since the Covid-19 pandemic. Same-store sales in North America fell 6%, and same-store sales in China fell 14%. The company reported preliminary adjusted earnings of 80 cents per share.
Starbucks has suspended its outlook for fiscal 2025, citing a CEO transition and recent poor performance.
Starbucks shares are up 1% this year, up more than S&P 500 Index The increase reached 22%. The company has a market capitalization of $111 billion.
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