Summary by Moomoo AI
Starbucks, the world-renowned coffee chain, reported a slight decrease in consolidated net revenues for the third quarter of fiscal 2024, with a 1% drop to $9.1 billion compared to $9.2 billion in the same quarter of the previous year. This decline was attributed to a decrease in global comparable store sales and unfavorable foreign currency fluctuations, despite the opening of 1,434 new company-operated stores. The company's operating margin also saw a decrease, falling 60 basis points to 16.7%, mainly due to increased promotional activities and investments in store partner wages and benefits. Despite these challenges, Starbucks remains optimistic about its future, with plans to introduce innovative beverage and food offerings and expand efficiency efforts. The company's North America segment experienced a 1% increase in...Show More