Starbucks Posts First Sales Drop Since 2020 During Global Pullback

The company reported a 4% decline in same-store sales in the latest quarter, while analysts expected growth. In China, same-store sales fell 11%. The pullback by consumers was widespread, with the overall number of transactions sinking 6% and retreating in each of the company’s geographic segments. Consolidated net revenue fell, while earnings per share excluding some items also underperformed expectations. 

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