Starbucks releases its preliminary results, and things aren't looking up. On Tuesday, nearly two months after Niccol began his reign as Starbucks' new CEO, the company dropped the

On Wednesday, Starbucks (NASDAQ: SBUX) released preliminary fourth quarter results that fell short of estimates as weak U.S. demand resulted in declines in same store sales, net revenue and profit. Upon the release that showed same-store sales continued to decline for the third consecutive quarter,

CEO Brian Niccol said the chain will address issues with its complex menu, pricing architecture and mobile order and payments system.

Starbucks has been under pressure for awhile. Following two quarters of consecutive declines in sales and a stock price that dropped nearly 30 percent in six months, the board of directors decided this summer to abruptly replace its then-chief executive, Laxman Narasimhan.

Good morning. Starbucks sales slumped again, sending its share price lower. China’s electric vehicle exports to Europe soar ahead of incoming levies. And Louis Vuitton put a twist on its handbag for women on the go.

Starbucks sales plunged in its most recent quarter, increasing the urgency for new CEO Brian Niccol to pull off a turnaround. Why it matters: The company has been struggling to reverse a decline in foot traffic as it grapples with sluggish service and pressure from activist investors.

Same store sales falling 6% in the recent quarter, us transactions down 10% marking the steepest decline since Covid.