Starbucks ( SBUX ) shares dropped in extended trading Tuesday after the company suspended its outlook for 2025. The coffee chain’s preliminary fourth-quarter results also missed expectations.

Starbucks said it would not offer guidance for the 2025 fiscal year, which began this month, citing its transition under new CEO Brian Niccol . The decision “will allow ample opportunity to complete an assessment of the business and solidify key strategies,” the company said.

Preliminary Q4 Results Miss Expectations

Starbucks reported fourth-quarter revenue of $9.1 billion, down 3% year-over-year and below the analyst consensus from Visible Alpha. Earnings per share (EPS) at 80 cents declined from $1.06 a year ago and fell short of expectations of $1.03.

Same-store sales dropped 7% globally and 10% in North America. In the U.S., the decline was 6%, driven by a 10% fall in comparable transactions.

“Despite our heightened investments, we were unable to change the trajectory of our traffic decline, resulting in pressures in both our top-line and bottom-line,” Chief Financial Officer Rachel Ruggeri said.

“We are developing a plan to turn around our business, but it will take time,” she added.

Shares of Starbucks fell close to 4% in extended trading Tuesday following the release.