Starbucks Corp. pulled guidance for 2025 after sales plunged for a third consecutive quarter, calling attention to the scope of the problems facing new Chief Executive Officer Brian Niccol.
Nick Setyan, equity analyst at Wedbush, joins BNN Bloomberg to discuss the CEO shakeup regarding Chipotle and Starbucks.
Starbucks said withdrawing guidance for the current fiscal year will give Niccol an opportunity to assess the business and solidify a turnaround plan. Since taking over the top post on Sept. 9, he’s been rearranging the leadership ranks and has unveiled the broad outline of a plan to stoke growth that includes making cafes more inviting and speeding up morning service.
The fourth-quarter sales decline was twice as steep as analysts had expected and the biggest quarterly drop in four years. Starbucks said that a push to launch more products and offer a plethora of promotions failed to bring more customers into its stores.
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