Starbucks reported a flat total net revenue of $9.39bn in the first quarter (Q1) of the fiscal year 2025 (FY25) as against $9.42bn in the corresponding quarter of the previous year. 

Revenue dropped by 0.3% on a constant currency basis.  

The net earnings attributable to the company in Q1 2025 - the quarter that ended on 29 December 2024 - dropped by 23.8% to $780.8m as compared to $1.02bn in Q1 2024.   

The net earnings figure per common share diluted was $0.69 in Q1 2025, a reduction of 23.3% from $0.90 in the same period of the previous year.  

Operating income declined 24.5% year-on-year to $1.12bn. 

The company’s global comparable store sales dropped 4%, primarily due to a 6% fall in comparable transactions and partially mitigated by a 3% rise in the average customer ticket. 

In North America, including the US, comparable store sales fell 4% due to an 8% reduction in comparable transactions, slightly offset by a 4% increase in average ticket. 

Internationally, the company experienced a 4% decline in comparable store sales due to a 2% fall in average ticket and comparable transactions.  

In China, its comparable store sales dropped 6%, driven by a 4% decrease in average ticket and a 2% reduction in comparable transactions. 

Starbucks continued to expand its presence in the first quarter with the opening of 377 net new stores. Its total number of stores reached 40,576 - 53% company-operated and 47% licensed.

The US and China accounted for 61% of the total store count with 17,049 stores in the US and 7,685 in China. 

Starbucks chairman and chief executive officer Brian Niccol said: “While we’re only one quarter into our turnaround, we’re moving quickly to act on the Back to Starbucks efforts and we’ve seen a positive response.  

“We believe this is the fundamental change in strategy needed to solve our underlying issues, restore confidence in our brand and return the business to sustainable, long-term growth.” 

In September, Brian Niccol took the reins of Starbucks as its new chairman and CEO.  He introduced a turnaround strategy, Back to Starbucks, which includes re-introducing the requirement for customers to make a purchase to spend time in the cafés or use the bathrooms. 

Starbucks has not provided an outlook for 2025.