SEATTLE — Starbucks has experienced a decline in global sales for the second consecutive quarter, as indicated by the coffee giant's latest financial results released on Tuesday. The company saw a 3 percent drop in comparable store sales globally, driven by a significant decrease in transaction volume.
According to Philippines News Agency, the decline was characterized by a 5 percent drop in comparable transactions, which was slightly offset by a 2 percent increase in average ticket prices. Notably, the US and China, which are significant markets for Starbucks, saw declines of 2 percent and 14 percent in store sales, respectively, while international sales fell by 7 percent. Despite these challenges, Starbucks continued its expansion, opening 526 new stores during the third quarter of the fiscal year 2024, bringing its total to 39,477 stores worldwide. Revenue trends showed a modest 1 percent increase in North America, whereas international revenues dipped by almost 7 percent, totaling USD 1.84 billion.