Starbucks had a record-breaking sales week after pumpkin spice latte launch

The pumpkin spice latte is back at Starbucks and it’s already contributing to an uptick in sales. 

The popular drink is a part of the coffee chain’s fall menu, which also includes a pecan oat milk cortado and pumpkin cream cold brew. The new seasonal menu launched last week and delivered “a record-breaking sales week” across U.S. company-operated stores, CEO Brian Niccol told employees in an internal note reviewed by Bloomberg.

It’s a welcome boost after Starbucks has seen same-store sales decline for more than a year as competition stiffens and customers tighten their wallets in an uncertain economy. In July, the company released mixed earnings for its fiscal third quarter. Its revenue beat expectations, but global sales fell.

In March, McDonald’s dethroned Starbucks as the most valuable restaurant brand for the first time in a decade, according to a report from consulting firm Brand Finance. 

Last fall, Niccol announced “back to Starbucks,” a corporate initiative to make its coffee shops “welcoming” environments and reestablish it as “the community coffeehouse.” He announced a pared-down menu and promised that baristas will serve fresh brewed coffee in under four minutes, among other changes — including some that haven’t been well received by the public. 

The turnaround is a multi-year effort, chief financial officer Cathy Smith told analysts and investors on a recent earnings call.

“A lot is happening today behind the scenes, and these efforts will come together more visibly by the end of next year, and when they do, I am highly confident that our financial performance will follow,” Smith said.

— Hannah Parker contributed to this article.