(Yicai) Oct. 24 -- Starbucks’ same-store sales tumbled 14 percent in China, its second-biggest market, in the fiscal fourth quarter, with the US coffee giant blaming “intensified competition and a soft macro environment that impacted consumer spending.”

The decline was driven by a 6 percent fall in comparable transactions and an 8 percent drop in the average ticket price in the three months ended Sept. 29 from a year earlier, the Seattle-based company said in an earnings report released on Oct. 22.

Same-store sales sank 10 percent in the United States and 7 percent globally. Revenue fell 3 percent to USD9.1 billion, mainly because of the softness in the North American market, especially in the US.

As a result, Starbucks withdrew its guidance for next year to complete an assessment of the business and solidify key strategies, while stabilizing and positioning it for long-term growth, the firm said.

“Our fourth-quarter performance makes it clear that we need to fundamentally change our strategy so we can get back to growth, and that's exactly what we are doing with our 'Back to Starbucks' plan,” said Brian Niccol, who became chairman and chief executive officer on Sept. 9.

When the news of Niccol’s appointment was made public in August, Starbucks' shares [NASDAQ: SBUX] jumped more than 20 percent. In pre-market trading in New York today, the stock was down almost 0.5 percent at USD97.20 as of 4.41 a.m. local time, after gaining 0.9 percent yesterday.

For the full fiscal year 2024, Starbucks' global same-store sales declined 2 percent, while consolidated net revenue rose 1 percent to USD36.2 billion.

"The lower-than-expected performance for the full fiscal year was a result of pronounced traffic decline, including a cautious consumer environment, our targeted and accelerated investments not improving customer behaviors, and the macro and competitive environment in China pressuring the results further,” the firm noted.

Editor: Futura Costaglione