(Yicai) Oct. 24 -- The comparable store sales in China of US coffee chain Starbucks sank 14 percent in the fiscal fourth quarter from the same period last year.

The decline was driven by an 8 percent drop in average ticket price and a 6 percent fall in comparable transactions, weighed down by intensified competition and a soft macroeconomic environment that impacted consumer spending, the Seattle-based company said in its latest earnings report released on Oct. 22.

Starbucks' global comparable store sales plunged 7 percent in the 13 weeks ended Sept. 29 from a year earlier. Revenue fell 3 percent to USD9.1 billion in the period, mainly because of the softness in the North American market, especially the US.

"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," Starbucks' Chairman and Chief Executive Officer Brian Niccol said.

For the full fiscal year 2024, Starbucks' global comparable store sales declined 2 percent from the year before, and consolidated net revenue increased 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," Starbucks noted.

Niccol took office as Starbucks' chairman and CEO on Sept. 9. When the news of his appointment was released to the public in August, the company's shares [NASDAQ: SBUX] jumped over 20 percent.

Given the CEO transition and the state of the business, guidance for the full fiscal year 2025 will be suspended to make a complete performance assessment and solidify key strategies while stabilizing and positioning the company for long-term growth, Starbucks pointed out.

Editor: Futura Costaglione