Starbucks has suspended its financial guidance as it unexpectedly released results that showed a decline in revenue and a sharp drop in quarterly earnings.
The preliminary results, published more than a week ahead of schedule, are the first under new chief executive Brian Niccol, who joined the world’s largest coffee chain last month.
Global comparable store sales fell 7 per cent year on year in its fiscal fourth quarter as transactions in its US stores fell by a tenth. Net revenues declined 3 per cent to $9.1bn in the three months to September and earnings fell 25 per cent year over year on a per-share basis.
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