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.
Starbucks reports weak quarterly results despite the arrival of Pumpkin Spice Latte season
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Starbucks reports weak quarterly results despite the arrival of Pumpkin Spice Latte season
Egypt reveals restored colossal statues of pharaoh in Luxor
- Amenhotep III, one of the most prominent pharaohs, ruled during the 500 years of the New Kingdom, which was the most prosperous time for ancient Egypt
LUXOR: Egypt on Sunday revealed the revamp of two colossal statues of a prominent pharaoh in the southern city of Luxor, the latest in the government’s archeological events that aim at drawing more tourists to the country.
The giant alabaster statues, known as the Colossi of Memnon, were reassembled in a renovation project that lasted about two decades. They represent Amenhotep III, who ruled ancient Egypt about 3,400 years ago.
“Today we are celebrating, actually, the finishing and the erecting of these two colossal statues,” Mohamed Ismail, secretary-general of the Supreme Council of Antiquities, said ahead of the ceremony.
Ismail said the colossi are of great significance to Luxor, a city known for its ancient temples and other antiquities. They’re also an attempt to “revive how this funerary temple of King Amenhotep III looked like a long time ago,” Ismail said.
Amenhotep III, one of the most prominent pharaohs, ruled during the 500 years of the New Kingdom, which was the most prosperous time for ancient Egypt. The pharaoh, whose mummy is showcased at a Cairo museum, ruled between 1390–1353 BC, a peaceful period known for its prosperity and great construction, including his mortuary temple, where the Colossi of Memnon are located, and another temple, Soleb, in Nubia.
The colossi were toppled by a strong earthquake in about 1200 BC that also destroyed Amenhotep III’s funerary temple, said Ismail.
They were fragmented and partly quarried away, with their pedestals dispersed. Some of their blocks were reused in the Karnak temple, but archeologists brought them back to rebuild the colossi, according to the Antiquities Ministry.
In late 1990s, an Egyptian German mission, chaired by German Egyptologist Hourig Sourouzian, began working in the temple area, including the assembly and renovation of the colossi.
“This project has in mind … to save the last remains of a once-prestigious temple,” she said.
The statues show Amenhotep III seated with hands resting on his thighs, with their faces looking eastward toward the Nile and the rising sun. They wear the nemes headdress surmounted by the double crowns and the pleated royal kilt, which symbolizes the pharaoh’s rule.
Two other small statues on the pharaoh’s feet depict his wife, Tiye.
The colossi — 14.5 meters and 13.6 meters respectively — preside over the entrance of the king’s temple on the western bank of the Nile. The 35-hectare complex is believed to be the largest and richest temple in Egypt and is usually compared to the temple of Karnak, also in Luxor.
The colossi were hewn in Egyptian alabaster from the quarries of Hatnub, in Middle Egypt. They were fixed on large pedestals with inscriptions showing the name of the temple, as well as the quarry.
Unlike other monumental sculptures of ancient Egypt, the colossi were partly compiled with pieces sculpted separately, which were fixed into each statue’s main monolithic alabaster core, the ministry said.
Sunday’s unveiling in Luxor came just six weeks after the inauguration of the long-delayed Grand Egyptian Museum, the centerpiece of the government’s bid to boost the country’s tourism industry. The mega project is located near the famed Giza Pyramids and the Sphinx.
In recent years, the sector has started to recover after the coronavirus pandemic and amid Russia’s war on Ukraine — both countries are major sources of tourists visiting Egypt.
“This site is going to be a point of interest for years to come,” said Tourism and Antiquities Minister Sherif Fathy, who attended the unveiling ceremony. “There are always new things happening in Luxor.”
A record number of about 15.7 million tourists visited Egypt in 2024, contributing about 8 percent of the country’s GDP, according to official figures.
Fathy, the minister, has said about 18 million tourists are expected to visit the country this year, with authorities hoping for 30 million visitors annually by 2032.










