Starbucks Corp. (SBUX) missed revenue expectations with its fiscal third-quarter results, driven in part by a decline in same-store sales.

The coffee titan reported revenue of $9.1 billion, down 1% year-over-year and below analysts’ expectations of $9.22 billion, per Visible Alpha. 澳洲幸运5官方开奖结果体彩网:Earnings per share (EPS) came in at 93 cents, down from 🀅a year earlier but in line with expectations. 

Global same-store sales fell 3%, as a 5% decrease in comparable transactions partially offset a 2% incre🅠ase in average ticket value. In China, same-store sales fell 14%. 

Shares of Starbucks added more than 2% after the bell Tuesday but are still down over 20% in 2024 after the company’s 澳洲幸运5官方开奖结果体彩网:fiscal-second quarter results sent shares plunging in May.

“Our efficiency efforts, which are tracking ahead of expectations, partially offset investments associated with the cautious consumer environment,” 澳洲幸运5官方开奖结果体彩网:Chief Financial Officer Rachel Ruggeri said.

In November, Starbucks announced a “triple shot reinvention” that it said would generate $3 billion in savings over three years.