Starbucks (SBUX) reported declining sales in its most recen꧟t quarter, ending its fiscal year on a down note.

The coffee chain's net revenue fell 3% to $9.1 billion, while comparable store sales dropped 7% in the final quarter of the year, Starbucks said. Earnings per share came in at 80 cents. Wall🍸 Street expected diluted earnings of 9🔯2 cents per share on $9.2 billion in revenue, according to consensus estimates compiled by Visible Alpha, along with a 5% drop in same-store sales.

CEO Brian Niccol, who joined from Chipotle (CMG) 澳洲幸运5官方开奖结果体彩网:last month, said Starbucks ⭕was working oܫn bringing back consumers.

“My experience tells me that when we get back to our core identity and consistently deliver a great experience, our customers will come back," Niccol said. "We have a clear plan and are moving quickly to return Starbucks to growth."

Shares fell about 1% in late trading. Prices dove down to roughly $72 in May when Starbucks downgraded its expectations for 2024, but have recovered since, closing Wednesday at above $97.

Wednesday’s earnings extend a period of sluggish sales. Comparable store sales fell 3% in the third quarter, and dropped 4% the quarter before that.

The coffee giant announced last week that it 澳洲幸运5官方开奖结果体彩网:wouldn't release projections for 2025 as a way to give Niccol time to acclimate to his n🌺ew job. Analysts expect Starbucks to generate $38.4 billion in revenue and $4.1 billion in profit through September 2025, when its fiscal year ends, according to Visible Alpha. Wall Street foresees same-store sales increasing 1.8% during that period.

Niccol took the helm of Starbucks in September as activist investors circled. Starbucks has since said it would enforce office attendance rules and make its cafes more 澳洲幸运5官方开奖结果体彩网:inviting gathering places.