Key facts
- Global same-store sales grew 7.2% in the fourth quarter.
- Adjusted earnings per share were 80 cents.
- Turnaround strategy under CEO Brian Niccol is gaining traction.
Starbucks beat Wall Street estimates for quarterly comparable sales and earnings on Thursday, driven by a turnaround strategy under CEO Brian Niccol. The company reported fourth-quarter global same-store sales growth of 7.2%, surpassing analysts' expectations of a 5.4% rise. Adjusted earnings per share came in at 80 cents, compared with an estimate of 72 cents per share. Niccol's strategy has focused on simplifying menus, improving staffing, and reducing wait times. The company has also addressed costs through restructuring, including layoffs and store closures, to offset significant labor investments.