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

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 U.S., where Starbucks saw a 6% 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 …