Brian Niccol speaking on CNBC’s Squawk Box on Oct. 30th, 2018.
Anjali Sundaram | CNBC
Starbucks is set to share more details about its fiscal fourth quarter after the bell on Wednesday.
The coffee giant shared its preliminary quarterly results on Oct. 22, showing that its sales fell for the third consecutive quarter.
Here’s what Wall Street analysts surveyed by LSEG are expecting the company to report:
- Earnings per share: $1.03 expected
- Revenue: $9.38 billion expected
This earnings report marks CEO Brian Niccol’s first since joining the company in September to turn around the business.
Investors will be expecting to hear more details about Niccol’s strategy. He has previously said that he plans to focus on reviving U.S. sales first and to take the brand “back to Starbucks.” When the coffee chain released the preliminary report, Niccol said in prepared remarks that the company will simplify its menus, fix its pricing and make sure all drinks are handed to customers.
According to the preliminary report, Starbucks’ sales fell 3% in its latest quarter, and its same-store sales declined 7%, the company’s steepest drop since the Covid-19 pandemic. North American same-store sales shrank 6%, while same-store sales in China tumbled 14%. The company reported preliminary adjusted earnings per share of 80 cents.
Starbucks suspended its outlook for fiscal 2025, citing the CEO transition and its recent dismal performance.
Shares of Starbucks have risen 1% this year, outstripped by the S&P 500’s gains of 22%. The company has a market cap of $111 billion.