{"text":[[{"start":7.84,"text":"Starbucks reported stronger than expected comparable sales in its most recent quarter and said it would resume share buybacks, as its turnaround plan to improve the coffee chain’s performance reached its two-year anniversary."}],[{"start":20.554,"text":"However, the Seattle-based group’s latest quarterly revenue figures and its revenue outlook for 2027 fell short of forecasts as the company continues to shake off the shift of its retail operations in China to a joint-venture model."}],[{"start":33.794,"text":"Shares in the coffee chain operator edged lower in after-hours trading."}],[{"start":37.84,"text":"Brian Niccol, who instituted the Back to Starbucks turnaround plan when he became chief executive in late 2024, described the latest quarter and fiscal year as “terrific” and said he was confident the company’s performance was “durable”."}],[{"start":51.12,"text":"“Back to Starbucks started as our turnaround plan. Now, it’s our growth plan,” he said on Thursday as the group also announced its intention to resume share repurchases in 2027. Buybacks were suspended in 2022 by former chief executive Howard Schultz."}],[{"start":67.68,"text":"Starbucks reported growth in comparable sales, an important industry metric, of 7.2 per cent across its global operations in the three months ended September 27. That was a slowdown from the previous three-month period but better than the 6 per cent median forecast by Wall Street."}],[{"start":84.96,"text":"That was underpinned by same-store sales growth of 7.7 per cent in the US, its primary market, and largely due to an increase in the average purchase by customers. Internationally, same-store sales rose 0.9 per cent, with an increase in prices offset by a drop in transactions."}],[{"start":103.292,"text":"Fourth-quarter revenue still fell 4.5 per cent to $9.1bn, while net income quintupled to $677.2mn due to restructuring costs in the prior year. Analysts expected revenue of $9.2bn and net income of $756mn."}],[{"start":121.44,"text":"Starbucks said the decline in revenue was due to the conversion of its retail operations in China to a licensed joint-venture model. The company announced a year ago that it would sell a majority stake in its mainland business to private equity firm Boyu Capital."}],[{"start":136.467,"text":"That transition is still expected to have an effect over coming months. Starbucks forecast a 1 per cent decline in revenue for 2027, including a $700mn impact owing to a 53rd week in the fiscal year, but “primarily due” to the China operations shift. Wall Street had pencilled in growth of about 1.6 per cent."}],[{"start":158.149,"text":"Expectations for fewer coffee-house openings in North America were also expected to weigh on the revenue outlook, and executives told analysts on Thursday that product pricing would remain “focused” and “well below” the consumer price index."}],[{"start":173.65,"text":"Starbucks forecast adjusted earnings of $3.15 to $3.25 a share in 2027, compared to analysts’ estimates of $3.14 a share."}],[{"start":188.32,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1793318324_3412.mp3"}