Starbucks CEO Brian Niccol wants to return the company to its coffeehouse roots. Analysts are optimistic, though they say the company will face near-term headwinds.
Starbucks' new chief executive announced a series of changes this week aimed at drawing back customers as the company navigates unionization pressures, declining foot traffic, and frequent leadership changes. Brian Niccol, who took over as CEO in September, told analysts on an earnings call this week that the company's financial results "were very disappointing" as sales at U.S. stores opened for at least a year declined 6%, which was driven by a 10% decline in transactions.
Alex Fasciano, equity analyst at CFRA Research, believes the changes already announced, such as the simplified menu and new pricing architecture, will enhance the customer experience, although he cautioned that there may be near-term headwinds related to pricing, In particular, the in-store design changes, such as the improved coffee condiment bars and comfier furniture, will "likely require significant investments" in fiscal year 2025, Fascino told FOX Business.
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