Starbucks reported fiscal third-quarter revenue of $9.46 billion, beating analyst expectations despite a sixth straight quarter of falling comparable sales. Global same-store sales slid 2%, matching the prior quarter’s pace and undershooting the 1.2% decline Wall Street had forecast. The stock rose roughly 4% in late U.S. trading and carried those gains into European hours. Performance diverged across regions. North American comparable sales fell 2% as a 4% drop in transactions was only partly offset by higher average ticket. In China, the coffee chain’s second-largest market, same-store sales grew 2%—a second consecutive quarter of gains—helped by price promotions. Operating margin narrowed 650 basis points to 10.1% and adjusted earnings per share dropped to $0.50, well below the $0.65 consensus, as the company ploughed money into its turnaround effort. Chief Executive Officer Brian Niccol said the “Back to Starbucks” plan is running “ahead of expectations.” The initiative includes investing more than $500 million in additional labour hours, refurbishing at least 1,000 U.S. and Canadian stores by 2026 and testing smaller, lower-cost café formats. Management expects easier year-over-year comparisons in the current quarter, when last year’s traffic fell 10%. Executives added that Starbucks has received interest from over 20 potential partners for its Chinese operations, which analysts value at up to $10 billion, though the company aims to keep a significant stake. While acknowledging that margins remain under pressure, Niccol said the operational changes are starting to improve peak-hour throughput and customer experience, laying the groundwork for growth once consumer spending stabilises.