(Reuters) – Starbucks Corp said on Tuesday it would suspend its annual forecasts as new CEO Brian Niccol looks to turn around the coffee giant as it struggles to curb customer demand.
The company's shares fell nearly 6% in after-hours trading as the coffee chain expected to report a drop in sales and profit for the quarter.
Niccol took over from Laxman Narasimhan on September 9 at a time when the coffee chain was struggling in its top two markets, the US and China.
“Despite our increased investment, we have not been able to reverse the downward trend in our vehicles, which has led to both of us being depressed,” said Chief Financial Officer Rachel Ruggeri.
“We are making a plan to transform our business, but it will take time.”
