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STORY: Starbucks has suspended its 2025 forecast as CEO Brian Niccol works to fix the global coffee chain.In preliminary results out Tuesday it also posted another quarterly slump in sales - with fewer people buying its pricey drinks.Niccol said Starbucks needs to change its strategy to grow again, and that’s the goal of his ‘Back to Starbucks’ plan. He also said the company will make the menu simpler and fix their prices.Tuesday's numbers showed sales, revenue, and profit were down because of low demand in the U.S.Its chief financial officer said that even with increased spending, they couldn’t stop a drop in customer visits and are working on a plan to improve, but warned it would take time.Starbucks boosted its quarterly dividend to 61 cents per share to reassure investors about its turnaround plan.As part of that plan, Niccol said they want to change marketing and focus on all customers, not just 'Starbucks Rewards' members.In his first speech as CEO last month, Niccol said he wants to make Starbucks a community coffeehouse again in the U.S.His clean slate approach is similar to what Nike's new CEO Elliott Hill plans to do, as Nike had also faced declining sales under its previous leader.Shares have risen 28% since Niccol was named CEO in a surprise move in August.However, it fell around four percentage points in after-hours trade.Starbucks plans to release its final quarterly earnings next week.
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