Oct 29 (Reuters) - Starbucks beat Wall Street estimates for quarterly comparable sales and earnings on Thursday as its turnaround under CEO Brian Niccol gains traction despite restrained consumer spending.
Niccol has spent the past two years simplifying menus, improving staffing levels and reducing wait times as part of his "Back to Starbucks" turnaround, helping the coffee chain achieve stable sales growth, although investors have been increasingly focused on whether the company can restore profitability.
Starbucks has been addressing its costs through restructuring, including layoffs and store closures, aiming to offset the near $500 million in labor investments as part of the overhaul.
The world's largest coffee chain reported fourth-quarter global same-store sales growth of 7.2%, which surpassed analysts' expectations of a 5.4% rise, according to data compiled by LSEG.
Adjusted earnings per share came in at 80 cents, compared with an estimate of 72 cents per share.
(Reporting by Neil J Kanatt in Bengaluru and Waylon Cunningham in New York; Editing by Pooja Desai)