Starbucks CEO Brian Niccol announced that the coffee giant plans to fix its menu and pricing as it seeks to boost traffic and turn around sagging sales.

The new boss of Starbucks says he will overhaul the global coffee chain's menu as the company continues to see its sales slide. Brian Niccol also announced that he was suspending the firm's financial forecasts for the coming year due to the "current state of the business".

Starbucks CEO Brian Niccol stepped into the role and publicly committed to a new path for the company. For the final quarter of 2024, Starbucks’ preliminary results show $9.1 billion in revenue, a 3% decline from last year.

Starbucks pre-released earnings on Tuesday, showing sales dropped. New CEO Brian Niccol said he plans to outline a broad turnaround agenda next week.

Starbucks Corp said on Tuesday it was suspending its annual forecasts as new CEO Brian Niccol looks to turn around the coffee giant struggling to stem easing customer demand. Shares of the company were down about 6% in after-hours trading as coffee chain also expects to report a decline in quarterly sales and profit.

Starbucks sales plunged in its most recent quarter, increasing the urgency for new CEO Brian Niccol to pull off a turnaround. Why it matters: The company has been struggling to reverse a decline in foot traffic as it grapples with sluggish service and pressure from activist investors.