At present, the coffee king's Q3 2024 net margins came in at 11.6% (down 90 basis points y-o-y), and earnings per share dropped 6% y-o-y to $0.93. Despite near-term challenges, we remain upbeat on Starbucks' prospects, anticipating a margin rebound to historical levels driven by the company's transformative turnaround strategy. CEO Brian Niccol outlined a US-focused turnaround plan centered on four key areas: barista empowerment for consistent quality, timely delivery of high-quality offerings, revitalizing the community coffee house experience, and highlighting Starbucks' unique story, including its Costa Rican coffee farm and innovation hub.