Starbucks (SBUX) announced a decline in sales during its last quarter, ending its fiscal year on a negative note.

The coffee chain’s net sales fell 3 percent to $9.1 billion, while same-store sales fell 7 percent in the final quarter of the year, Starbucks said. Earnings per share came to 80 cents. Wall Street expected diluted earnings of 92 cents per share on revenue of $9.2 billion, according to consensus estimates compiled by Visible Alpha, as well as a 5% decline in store sales. comparable.

CEO Brian Niccol, from Chipotle (CMG) last monthsaid Starbucks is working to bring consumers back.

“My experience tells me that when we get back to our core identity and consistently deliver an exceptional 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 plunged to around $72 in May when Starbucks lowered its expectations for 2024, but have since recovered, closing Wednesday above $97.

Wednesday’s results continue a period of sluggish sales. Same-store sales fell 3% in the third quarter and 4% the previous quarter.

The coffee giant announced last week that it would not publish projections for 2025 to give Niccol time to acclimatize to his new 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 expects same-store sales to increase 1.8% during this period.

Niccol took over as CEO of Starbucks in September as activist investors circled. Starbucks has since said it will enforce office attendance rules and make its coffee shops more inviting gathering places.