Starbucks faces 6% U.S. and 14% China sales drop, suspends annual forecasts, plans menu revamp.

Starbucks is facing a notable decline in sales, with a 6% decrease in the U.S. and a 14% drop in China, prompting the suspension of its annual forecasts. New CEO Brian Niccol plans to revamp the menu and pricing to attract customers and restore value perception. The company reported a 7% fall in global comparable store sales for the fourth quarter, attributing the downturn to heightened competition and economic pressures.

October 22, 2024
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