The company's same-store sales slid for the third consecutive quarter, fueled by a 10% tumble in traffic to its North American stores.

Starbucks has been under pressure for awhile. Following two quarters of consecutive declines in sales and a stock price that dropped nearly 30 percent in six months, the board of directors decided this summer to abruptly replace its then-chief executive, Laxman Narasimhan.

Starbucks said that it needs time to review the current state of the business, after same-store sales fell 7% in its most recently completed quarter.

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,” commented Brian Niccol.

The new boss of Starbucks says he will overhaul the global coffee chain's menu as the company continues to see its sales slide. Brian Niccol also announced that he was suspending the firm's financial forecasts for the coming year due to the "current state of the business".

Good morning. Starbucks sales slumped again, sending its share price lower. China’s electric vehicle exports to Europe soar ahead of incoming levies. And Louis Vuitton put a twist on its handbag for women on the go.