Starbucks Reports Q3 Fiscal 2024 Results
“Our growing culture of focused innovation and relentless execution continues to enhance our capabilities, while helping return the business to sustainable growth,” said Laxman Narasimhan, Starbucks CEO.
SEATTLE – Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal third quarter ended June 30, 2024. GAAP results in fiscal 2024 and fiscal 2023 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information.
For the full press release, please visit our Investor Relations site here.
Starbucks actions remain driven by our three-part plan, outlined last quarter, to build on our enduring strengths and reaccelerate growth in our U.S. business:
- First, we are meeting new demand through a relentless focus on improvements to our operations and on elevating the experience we create for our partners and customers.
- Second, we are attracting new customers by launching more exciting new products with relevant marketing, while maintaining our focus on core coffee-forward offerings.
- And third, we are reaching new customers and demonstrating our value by making sure customers believe the Starbucks experience is worth it every time.
“Our three-part action plan is beginning to work and driving operational improvements that we expect to improve financial performance,” commented Laxman Narasimhan, chief executive officer. “Our growing culture of focused innovation and relentless execution continues to enhance our capabilities, while helping return the business to sustainable growth,” Narasimhan added.
“Our efficiency efforts, which are tracking ahead of expectations, partially offset investments associated with the cautious consumer environment,” commented Rachel Ruggeri, chief financial officer. “Collectively, our disciplined approach enables us to preserve both balance sheet strength and flexibility, positioning us to successfully navigate through the current macroeconomic environment,” Ruggeri added.
Among other signs of progress against this action plan, this past quarter Starbucks successfully introduced Phase 1 of the Siren Craft System – a partner-driven evolution to improve how we operate our stores – across North America, saw positive feedback from our newly reformulated Iced Coffee, unveiled our Milano Duetto whole bean coffee in Milan, and launched innovative products like Handcrafted Iced Energy and Summer-Berry Refreshers with Pearls – which drove the highest week one product launch in our history. Finally, we have been measured in our offers to balance the premium position of our brand with remaining accessible to fans and loyal customers.
