Starbucks is planning to cut its food and beverage offerings by 30 per cent over the course of this year to simplify operations and speed up service.

The changes mark the first major test of whether chief executive Brian Niccol can dig the company out of its first annual sales decline since the pandemic hit in 2020. Part of his plan involves persuading Americans to once again view Starbucks as the go-to place to hang out.

Key Takeaways Starbucks reported fiscal first-quarter results that topped analysts’ expectations, despite sales and profit declines year-over-year.The better-than-expected results came as new CEO Brian Niccol said the company made progress toward its "Back to Starbucks" strategy.