Starbucks (SBUX, Financials) shares fell 6% after the company missed fiscal Q2 expectations, with sales softening globally and in the key U.S. market.

Comparable store sales declined 1% globally, slightly worse than the 0.6% consensus drop. The decrease was driven by a 2% drop in transactions, partially offset by a 1% increase in average ticket size. In the U.S., same-store sales were down 2%, and foot traffic dropped 4%.

The company did not provide formal financial guidance for the next quarter, citing a transition in its chief financial officer role. However, executives indicated that fiscal Q3 is expected to follow typical seasonal patterns. Starbucks also emphasized ongoing work to reduce tariff exposure and diversify its supply chain.

The traffic declines in the U.S. signal potential headwinds to consumer demand and may raise questions about pricing strategy. The absence of guidance, coupled with leadership transition, adds further uncertainty for near-term forecasting.

Investors will be watching for updates on leadership stability and any signs of demand recovery in the key U.S. market ahead of the next earnings call.

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