Starbucks Corporation
Starbucks Reports Q4 and Fiscal Year 2024 Results with Revenue Decline and Management Changes
Summary
Starbucks Corporation reported financial results for the quarter and fiscal year ended September 29, 2024, showing a 3% decline in consolidated net revenues to $9.1 billion for Q4 and a 1% increase to $36.2 billion for the fiscal year. GAAP earnings per share declined 25% for Q4 and 8% for the fiscal year. The company experienced challenges in customer experience and is developing a plan to improve operations. Management changes include the appointment of a new CEO and chairman, Brian Niccol, effective September 9, 2024, and the announcement of Michael Conway's retirement as CEO, North America, effective November 30, 2024. Starbucks also announced new coffee innovation farms in Guatemala and Costa Rica.
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About Starbucks Corporation
Starbucks Corporation is a renowned global leader in the coffeehouse industry, offering a wide array of beverages including coffee, tea, and other specialty drinks, alongside complementary food items. The company operates retail locations worldwide, providing customers with a unique coffeehouse experience characterized by quality products and a welcoming atmosphere. Beyond its physical stores, Starbucks significantly impacts the coffee production industry, promoting sustainable sourcing and ethical supply chain practices. Its operations extend into grocery and convenience stores through products like ready-to-drink beverages and consumer-packaged coffee. Founded in 1971 and headquartered in Seattle, Washington, Starbucks Corporation is pivotal in shaping consumer beverage preferences and enhancing global coffee culture, influencing both retail and wholesale sectors.
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