Starbucks has faced disappointing preliminary results for its fiscal fourth quarter, reporting a 3% decline in consolidated net revenue to $9.1 billion, falling short of the $9.4 billion forecast. The company experienced a 7% decrease in global comparable store sales, with U.S. same-store sales down 6% and China sales declining by 14%. New Chairman and CEO Brian Niccol, who recently took over, announced a 'Back to Starbucks' plan focusing on reviving the brand's core strengths by improving customer experience and simplifying operations. Niccol emphasized that the issues faced by Starbucks are 'very fixable' and outlined plans to enhance staffing and refine mobile ordering. The company has also suspended financial guidance for the 2025 fiscal year as Niccol assesses the business further. Overall, Starbucks is grappling with a cautious consumer environment and heightened competition, particularly in China.