Starbucks posts bigger-than-expected drop in global sales on weak U.S. demand

News Snapshot:

Starbucks SBUX-Q posted a bigger-than-expected drop in quarterly global comparable sales on Tuesday, as demand remained sluggish for its pricey coffees in the United States amid rising macroeconomic uncertainty. Total same-store sales declined 1% in the second quarter, compared with analysts’ average estimate of a 0.26% fall, according to data compiled by LSEG. “Our financial results don’t yet reflect our progress, but we have real momentum with our “Back to Starbucks” plan. We’re testing and learning at speed and we’re seeing changes in our coffeehouses,” CEO Brian Niccol said in a statement. Niccol has sought to revive sales by steering...