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Starbucks (NASDAQ: SBUX) reported stronger-than-expected third-quarter revenue, driven by improving demand in China and strategic investments in labor, store upgrades, and menu changes aimed at reviving growth in its domestic market. Shares rose 3.8% to $96.50 in after-hours trading Tuesday.
The Seattle-based coffee giant is undergoing a major brand reset under new CEO Brian Niccol, who launched the “Back to Starbucks” initiative in August. Efforts include a simplified menu, freshly baked food, handwritten cup messages, and faster service. Niccol also plans to enhance the store atmosphere with warmer designs and restore thousands of seats removed in recent years. By 2026, at least 1,000 North American stores will be remodeled.
Starbucks is testing a lower-cost “coffee house of the future” concept with 32 seats and drive-thru service launching in 2026, alongside a small-format store debuting in New York City. The company pledged over $500 million in additional labor hours for its 10,000-plus U.S. locations by summer 2025.
Quarterly revenue rose 3.8% to $9.46 billion, beating analysts’ estimates of $9.31 billion. However, same-store sales fell 2% globally for the sixth straight quarter, with flat declines in North America and a 2% uptick in China. Competitive pricing moves in China, including a 5-yuan cut on select iced drinks, helped boost demand amid pressure from rivals Luckin Coffee and Cotti Coffee.
Starbucks posted adjusted earnings of 50 cents per share, missing forecasts of 65 cents, as turnaround-related costs and a major leadership event weighed on margins. The company is also exploring strategic partnerships for its China business, valued at up to $10 billion, attracting interest from over 20 potential investors while seeking to maintain a significant stake.
