Starbucks Sees Sharp Decline in Pre-Market Trading
(MENAFN) Starbucks' stock dropped 7% in pre-market trading on Tuesday following a 50.3% year-over-year decline in net profit for the first quarter. The company also saw a 45.3% decrease in operating income, according to its latest financial report.
“While our financial results are far from Starbucks’ potential, we are working to build back a better business,” stated Chief Financial Officer Cathy Smith, acknowledging the significant gap in performance.
CEO Brian Niccol echoed this sentiment, stressing that while the results are not yet reflected, operational changes are already underway. “We’re testing and learning at speed, and we’re seeing changes in our coffeehouses,” he remarked.
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