Starbucks reported fiscal first-quarter earnings and revenue that surpassed Wall Street's expectations, despite a 4% drop in same-store sales. Same-store sales in the U.S. fell 4%, driven by an 8% decline in foot traffic. Same-store sales in China dropped 6%, driven by a 4% decline in average tickets, as the company relied on discounts to compete with lower-priced rivals. CEO Brian Niccol highlighted early progress in Starbucks’ turnaround efforts. Niccol cited a “positive response” to these changes and reaffirmed long-term plans to expand and renovate stores while optimizing barista workflows.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02FedEx reported fiscal first quarter earnings and revenue that surpassed Wall Street's expectations
00:08despite a 4% drop in same-store sales. Same-store sales in the U.S. fell 4%,
00:13driven by an 8% decline in foot traffic. But same-store sales in China dropped 6%,
00:18driven by a 4% decline in average ticket, as the company relied on discounts to compete with lower
00:24price rivals. CEO Brian Nicolle highlighted early progress in Starbucks' turnaround efforts.
00:32Nicolle also cited positive response to these changes and reaffirmed long-term plans to expand
00:38and renovate stores while optimizing barista workflows.
00:42For all things money, visit Benzinga.com.