Starbucks reports weak quarterly results despite the arrival of Pumpkin Spice Latte season

Starbucks logo is displayed above their cafe in London, Britain, August 13, 2024. (Reuters)
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Updated 23 October 2024
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Starbucks reports weak quarterly results despite the arrival of Pumpkin Spice Latte season

It’s been a disappointing start to Pumpkin Spice Latte season for Starbucks.
The Seattle coffee giant on Tuesday reported weaker-than-expected sales in its fiscal fourth quarter, which ended Sept. 29. It also said it would suspend financial guidance for its 2025 fiscal year to give its new Chairman and CEO, Brian Niccol, time to assess the business.
The financial results were preliminary. Starbucks plans to release full results for the July-September period and host a conference call with investors on Oct. 30.
Customer traffic was sluggish in the US, where Starbucks saw a 6 percent decline in same-store sales, or sales at stores open at least a year. The company said expanded fall product offerings such as Iced Apple Crisp Nondairy Cream Chai and more frequent in-app promotions didn’t drive more visits.
The Pumpkin Spice Latte, which returned to US stores on Aug. 22 and is usually a reliable booster of traffic, didn’t seem to help.
In China, same-store sales fell 14 percent as consumers pulled back on spending or visited cheaper rivals, Starbucks said.
In a video message released by the company, Niccol — a former Chipotle CEO who joined Starbucks last month — said Starbucks’ problems are “very fixable and that we have significant strengths to build on.”
Niccol said Starbucks needs to improve staffing, remove bottlenecks and simplify operations for its baristas, especially during the morning rush. Mobile ordering should be refined so it doesn’t overwhelm the café experience, he said. Niccol also said Starbucks needs to simplify its “overly complex menu.”
“We know how to make these improvements, and when we do, we know customers will visit more often,” he said.
Niccol said Starbucks plans to change its marketing to focus less on Starbucks Rewards customers and more on highlighting the brand’s handcrafted drinks and coffee innovation.
The company said its revenue fell 3 percent to $9.1 billion in the July-September period. That was lower than the $9.4 billion Wall Street was expecting, according to analysts polled by FactSet.
Starbucks said its adjusted earnings fell 24.5 percent from the same period a year ago to 80 cents per share. That also fell short of analysts’ forecast of $1.03 per-share earnings.


St. Francis relics go on public show for first time in Italy

Updated 22 February 2026
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St. Francis relics go on public show for first time in Italy

Assisi, Italy: Saint Francis of Assisi’s skeleton is going on public display from Sunday for the first time for the 800th anniversary of his death, drawing hundreds of thousands of visitors.
Inside a nitrogen-filled plexiglass case with the Latin inscription “Corpus Sancti Francisci” (The Body of St. Francis), the remains are being shown in the Italian hill town’s Basilica of St. Francis of Assisi.
St. Francis, who died on October 3, 1226, founded the Franciscan order after renouncing his wealth and devoting his life to the poor.
Giulio Cesareo, director of communications for the Franciscan convent in Assisi said he hoped the display could be “a meaningful experience” for believers and non-believers alike.
Cesareo, a Franciscan friar, said the “damaged” and “consumed” state of the bones showed that St. Francis “gave himself completely” to his life’s work.
His remains, which will be on display until March 22, were transferred to the basilica built in the saint’s honor in 1230.
But it was only in 1818, after excavations carried out in utmost secrecy, that his tomb was rediscovered.
Apart from previous exhumations for inspection and scientific examination, the bones of Saint Francis have only been displayed once, in 1978, to a very limited public and for just one day.
Usually hidden from view, the transparent case containing the relics since 1978 was brought out on Saturday from the metal coffer in which it is kept, inside his stone tomb in the crypt of the basilica.
The case is itself inside another bullet-proof and anti-burglary glass case.
Surveillance cameras will operate 24 hours a day for added protection of the remains.
St. Francis is Italy’s patron saint and the 800th anniversary commemorations of his death will also see the restoration of an October 4 public holiday in his honor.
The holiday had been scrapped nearly 50 years ago for budget reasons.
Its revival is also a tribute to late pope Francis who took on the saint’s name.
Pope Francis died last year at the age of 88.

‘Not a movie set’

Reservations to see the saint’s remains already amount to “almost 400,000 (people) coming from all parts of the world, with of course a clear predominance from Italy,” said Marco Moroni, guardian of the Franciscan convent.
“But we also have Brazilians, North Americans, Africans,” he added.
During this rather quiet time of year, the basilica usually sees 1,000 visitors per day on weekdays, rising to 4,000 on weekends.
The Franciscans said they were expecting 15,000 visitors per day on weekdays and up to 19,000 on Saturdays and Sundays for the month-long display of the remains.
“From the very beginning, since the time of the catacombs, Christians have venerated the bones of martyrs, the relics of martyrs, and they have never really experienced it as something macabre,” Cesareo said.
What “Christians still venerate today, in 2026, in the relics of a saint is the presence of the Holy Spirit,” he said.
Another church in Assisi holds the remains of Carlo Acutis, an Italian teenager who died in 2006 and who was canonized in September by Pope Leo XIV.
Experts said the extended display of St. Francis’s remains should not affect their state of preservation.
“The display case is sealed, so there is no contact with the outside air. In reality, it remains in the same conditions as when it was in the tomb,” Cesareo said.
The light, which will remain subdued in the church, should also not have an effect.
“The basilica will not be lit up like a stadium,” Cesareo said. “This is not a movie set.”