Starbucks says its turnaround is starting to work

Core Insights - Starbucks reported a 1% increase in same-store sales last quarter, marking the first growth in nearly two years, but the stock price fell shortly after the earnings announcement [1][2] - The company's earnings per share (EPS) was 52 cents, below the expected 56 cents, although revenues reached $9.57 billion, exceeding the forecast of $9.35 billion [2] Company Actions - Starbucks closed 627 locations and laid off approximately 900 non-retail employees last quarter, with around 2,000 corporate jobs cut since CEO Brian Niccol's arrival [3] - To attract customers, Starbucks has reinstated pre-pandemic policies, such as hand-writing customer names on cups and offering free refills on certain orders, while also streamlining the menu to improve service speed [4] Operational Changes - The return of milk and sugar stations aims to enhance customer experience by allowing personalized coffee preparation and reducing workload for baristas, potentially leading to faster service [5]