Starbucks CEO vows to overhaul strategy amidst three consecutive quarters of declining sales.

• The coffee giant, Starbucks, experienced a 3% decline in preliminary sales, marking the third consecutive quarter of decreasing revenue.
• Expectations are high among investors for more information on CEO Brian Niccol's plan to revive the company's U.S. business.

On Wednesday, the company reported quarterly earnings and revenue that fell short of analysts' expectations, with sales in its two largest markets, the U.S. and China, underperforming.

The company previously released a preliminary report of its quarterly results on Oct. 22 and announced it was suspending its fiscal 2025 outlook.

Under CEO Brian Niccol, who joined the company on Sept. 9, this report marks the first effort to revive the struggling business.

"Our strategy needs to be fundamentally changed in order to win back customers, as stated by CEO Brian Niccol. We have a clear plan and are swiftly implementing it to restore Starbucks' growth."

During the 5 p.m. ET conference call, Niccol is expected to reveal more information about his turnaround strategy, as investors anticipate.

Shares of the company fell 1% in extended trading on Wednesday.

Based on a survey of analysts by LSEG, the company's reported results differed from Wall Street's expectations.

• Earnings per share: 80 cents vs. $1.03 expected
• Revenue: $9.07 billion vs. $9.36 billion expected

In the fourth quarter of the fiscal year, Starbucks reported a net income of $909.3 million, which amounts to 80 cents per share, a decrease from the previous year's $1.22 billion, or $1.06 per share.

Net sales dropped 3% to $9.07 billion.

During the quarter, the company's global same-store sales decreased by 7%, primarily due to weak demand in the U.S. and China. Additionally, traffic to its stores worldwide fell by 8%.

Same-store sales at the company's U.S. restaurants decreased by 6%, due to a 10% decline in traffic.

In China, Starbucks' same-store sales dropped 14% due to decreased traffic and average ticket prices. The company is facing increased competition from local rivals, such as Luckin Coffee, which offers lower prices.