New Starbucks Boss Shakes Up Menu As Profits Slump

The new boss of Starbucks says he will overhaul the global coffee chain’s menu as the company continues to see its sales slide.

BBC reports that 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.

At the same time, the firm reported preliminary quarterly profits showing its sales and profits had fallen sharply.

Starbucks shares fell by more than 4% after the announcement.

Mr. Niccol said Starbucks needed to fundamentally change to bring back customers, who took over as chief executive in September.

Starbucks has seen customers cut back on spending as the rising cost of living squeezed people’s budgets.

The company said it expects to see global comparable sales for the three months to the end of September fall by 7%, while profits will be 25% lower.

The downturn was more dramatic in China, where sales fell 14% for the same period, as the economy falters.