Starbucks saw positive same-store sales for the first time in almost two years

Core Insights - Starbucks reported its first quarter of positive global same-store sales since 2023, with a systemwide increase of 1% after six consecutive quarters of declines [1] - U.S. same-store sales remained flat for the fourth quarter of 2025, which ended on September 28 [1] Sales Performance - The systemwide sales growth was primarily driven by global traffic gains, while in North America, same-store sales were mainly supported by ticket growth, offset by traffic declines [2] - International same-store sales increased by 3%, driven by a 6% traffic growth, despite a 3% decline in average ticket [3] Market Challenges and Strategies - CEO Brian Niccol stated that the "Back to Starbucks" strategy is proving effective one year after its implementation [2] - CFO Cathy Smith highlighted that Q4 marked a turning point for the company, with expectations for U.S. company-operated comps to build throughout the year, although recoveries may not be linear [3] Store Closures and Financials - Starbucks closed 627 stores in Q4, representing 1% of all North America stores, with over 90% of closures occurring in North America [4] - The net store count declined by 107 cafes after considering store openings [4] - The company reported a 5.5% increase in net revenues to $9.6 billion for Q4 2025, but net income fell over 85% from $909 million in Q4 2024 to $133.1 million in Q4 2025 [5]