The company's same-store sales slid for the third consecutive quarter, fueled by a 10% tumble in traffic to its North American stores.

Starbucks has been under pressure for awhile. Following two quarters of consecutive declines in sales and a stock price that dropped nearly 30 percent in six months, the board of directors decided this summer to abruptly replace its then-chief executive, Laxman Narasimhan.

The new boss of Starbucks says he will overhaul the global coffee chain's menu as the company continues to see its sales slide. Brian Niccol also announced that he was suspending the firm's financial forecasts for the coming year due to the "current state of the business".

The coffee chain needs to “fundamentally change” strategy, the new CEO, Brian Niccol, said. Shares fell in after-hours trading.

Starbucks Corp. pulled guidance for 2025 after sales plunged for a third consecutive quarter, calling attention to the scope of the problems facing new Chief Executive Officer Brian Niccol.Most Read f

Starbucks said Tuesday it was suspending its annual forecasts as new CEO Brian Niccol looks to turn around the coffee giant struggling to stem easing customer demand. Shares of the company were down about 6% in after-hours trading as the coffee chain also expects to report a decline in quarterly sales and profit.