Starbucks Reports Q1 Fiscal 2025 Results:

Early progress on “Back to Starbucks” strategy, as we re-introduce Starbucks to the world.  

SEATTLE – Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal first quarter ended December 29, 2024. Constant currency measures are non-GAAP measures. Please refer to the reconciliations of constant currency measures at the end of this release for more information.

For the full press release, please visit our Investor Relations site here.

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• “While we’re only one quarter into our turnaround, we’re moving quickly to act on the ‘Back to Starbucks’ efforts and we’ve seen a positive response,” commented Brian Niccol, chairman and chief executive officer. “We believe this is the fundamental change in strategy needed to solve our underlying issues, restore confidence in our brand and return the business to sustainable, long-term growth,” Niccol added.

• “We are encouraged by our Q1 results, which demonstrated the effectiveness of our ‘Back to Starbucks’ strategy, evidenced by our top-line trend,” commented Rachel Ruggeri, chief financial officer. “Although we are in the beginning chapter, and have much more work ahead of us, we will continue to prioritize shareholder value through dividends, providing a predictable return of capital while we turn around our business,” Ruggeri added.

Here is the news from Yahoo Finance’s senior reporter Brooke DiPalma…

Starbucks stirs up more changes as new CEO remakes the executive ranks

Starbucks (SBUX) is brewing up Taco Bell (YUM) vibes under CEO Brian Niccol.

On Tuesday morning, Starbucks named longtime Taco Bell executive Mike Grams as chief stores officer and former Taco Bell executive Meredith Sandland as chief store development officer. Most recently, Sandland served as CEO of delivery meal company Empower Delivery.

Both executives will relocate to Seattle and begin in February. They’ll be playing a role in Niccol’s “Back to Starbucks” plan. The new operating model for its retail team needs “clear ownership and accountability and an appropriate scope for each role,” Niccol wrote in a letter to employees on Tuesday, viewed by Yahoo Finance.

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Per Starbucks, Grams will be responsible for the company’s retail teams and store performance. The customer solutions group will move to his team.

Sandland will be responsible for store development strategy and store design, “all intended to deliver the community coffeehouses our customers and partners expect,” per Niccol.

Sara Trilling, who served as president of Starbucks North America is leaving the company. She oversaw growth plans and the rollout of the Siren retail system, and she also supported employees across the US and Canada.

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Niccol said he planned to split “Sara’s role in two” and that she believed “neither new role was right for her.” She said the plan was “the right decision for the company.”

Arthur Valdez, who served as chief supply and customer solutions officer, is also stepping down. The company plans to announce a successor in the coming weeks.

Niccol said, “Arthur agrees that integrating the customer solutions team with the stores team is the right approach.”

Valdez joined Starbucks two years ago after a long stint at Target (TGT).

Both Trilling and Valdez will stay to “assist with the transition” over the next few months. Niccol ended the letter by saying, “I understand this is a lot of change.”

The coffee giant is expected to post its first quarter fiscal year 2025 resultson Tuesday after market close. This will be the first full quarter under CEO Brian Niccol, who took the helm on Sept. 9.

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Wall Street expects revenue to come in at $9.32 billion, compared to $9.43 billion in the same quarter a year ago. Same-store sales and foot traffic are projected to decline 5.30% and 7.28%, respectively, year over year.

Analysts expect a slight improvement in foot traffic from a quarter ago, offset by lower ticket growth.

In the past year, Starbucks stock has gained 5%, far lagging the S&P 500’s (^GSPC) 24% rise. But the shares have risen 32% in the past six months after Niccol was announced as the new CEO in August.

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