12:07 PM EDT, 10/14/2024 (MT Newswires) -- Starbucks ( SBUX ) is scaling back its discounts and promotions under the leadership of its new Chief Executive Officer, Brian Niccol, who took charge in August, The Wall Street Journal reported Monday, citing unnamed company executives and baristas.

The move comes as the new CEO looks to reposition the company after it boosted discounts the past year to spur sales and store traffic, the report said.

Niccol intends to focus on selling Starbucks' ( SBUX ) premium coffee and has introduced extra loyalty points and deals on several drink purchases, moving away from the previous 50%-off and buy-one-get-one promotions, according to the news outlet.

Starbucks ( SBUX ) also plans to promote its seasonal drinks using advertising instead of broad promotional offers this holiday season, the WSJ added, citing the company's early-October strategy update for store leaders.

Starbucks ( SBUX ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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