Starbucks(US:SBUX) 智通财经网·2025-04-29 23:50Core Viewpoint - Starbucks' new CEO Brian Niccol acknowledged that despite positive signs in business recovery, the latest quarterly financial performance fell short of expectations, posing significant challenges for the new management team [1] Financial Performance - For the second quarter of fiscal year 2025, Starbucks reported a 1% year-over-year decline in global same-store sales, which was below market expectations [1] - The company's earnings per share (EPS) also did not meet expectations, leading to a strong negative reaction in the capital markets, with the stock price dropping significantly in after-hours trading [1] - Year-to-date, Starbucks' stock has declined by 7%, slightly underperforming the S&P 500 index [1] Challenges Faced - The company is facing multiple challenges, including consumer backlash due to its stance on Middle Eastern issues, price increases, and longer wait times at stores, which have led to customer attrition [1] - There is a prevailing pessimism among U.S. consumers regarding the economic outlook, which is reflected in the weak performance of similar dining companies [1] Management Response - Since taking over in September, Niccol's team has initiated significant reforms, including redesigning store layouts to create a more inviting atmosphere and enhancing service efficiency through increased staffing and optimized order algorithms [1][2] - During the earnings call, Niccol emphasized the importance of addressing the harsh reality of the second-quarter financial data and noted that operational improvements are showing strategic value beyond just EPS metrics [2] Regional Performance - North America experienced a greater-than-expected decline in same-store sales due to reduced customer traffic, while international markets showed relative stability with a 2% increase in comparable sales [2] - The Chinese market, a strategic focus, has stabilized with significant improvement compared to the previous quarter [2] Sales Trends - Global comparable sales showed signs of improvement, with the decline narrowing from 4% in the previous quarter, although the company has faced sales declines for five consecutive quarters [2] Strategic Initiatives - To mitigate external risks, Starbucks is diversifying coffee bean sourcing, optimizing logistics to reduce tariff impacts, and increasing strategic inventory reserves to buffer against fluctuations in Arabica coffee prices [2] - Niccol assured customers that there would be no price increases for products or services until the end of the fiscal year, around the end of September [2] Market Sentiment - Analysts have noted that the biggest issue facing Starbucks is its disappointing performance in the U.S. market, which may lead investors to lose patience with the company's long-term recovery efforts [3] - Positive feedback has been received regarding the new management's initiatives to streamline the menu and enhance operational efficiency [3]