Starbucks reported that its global sales fell seven percent in July to September, the famous coffee chain's third straight quarter of decline.
The company's earnings per share fell 25% compared to the same period last year to 80 sen.
Consolidated net revenue declined three percent to $9.1 billion.
Chief Executive Officer (CEO), Brian Niccol said the lower-than-expected performance for the full fiscal year was the result of a significant decline in traffic including a cautious consumer environment, targeted investors and no increase in customer attraction activity.
Starbucks Chief Financial Officer (CFO), Rachel Ruggeri in the statement said that despite increased investment in the coffee chain, no significant change was seen in terms of traffic decline despite the company's efficiency efforts.
However, Starbucks is facing protests and boycott campaigns around the world because of its support for Israel and it reflects the company's financial results for the last three quarters.
The coffee chain lowered its annual sales forecast for October to December last year due to the negative impact on sales in West Asia.
In addition, its revenue fell two percent in January to March this year and its global sales declined four percent, the first since late 2020.
Starbucks reported that its global sales fell three percent in April to June
