Starbucks suspends forecasts, shares tumble as chain warns turnaround ‘will take time'
Starbucks(SBUX) New York Post·2024-10-23 04:56
Starbucks said Tuesday it was suspending its annual forecasts as new CEO Brian Niccol looks to turn around the coffee giant struggling to stem easing customer demand.Shares of the company were down about 6% in after-hours trading as the coffee chain also expects to report a decline in quarterly sales and profit.Niccol took over from Laxman Narasimhan on Sept. 9 at a time when the coffee chain struggled with tackling weakness in two top markets, the US and China.CEO Brian Niccol, who took over last month, is ...