04:51 PM EDT, 10/22/2024 (MT Newswires) -- Starbucks ( SBUX ) reported preliminary fiscal Q4 non-GAAP earnings late Tuesday of $0.80 per share, down from $1.06 a year earlier.

Analysts polled by Capital IQ expected $1.03.

Net revenue in the quarter ended Sept. 29 was $9.07 billion, also based on preliminary figures, down from $9.37 billion a year earlier. Analysts surveyed by Capital IQ expected $9.37 billion.

Comparable-store sales declined 7% worldwide, the company said. Analysts polled by Capital IQ expected a 2.9% drop.

The firm said its board raised quarterly dividend to $0.61 per share from $0.57.

Given its CEO transition coupled with the current state of the business, guidance will be suspended for the full fiscal year 2025, Starbucks ( SBUX ) said.

"This will allow ample opportunity to complete an assessment of the business and solidify key strategies, while stabilizing and positioning the business for long-term growth," the company said.

Shares of Starbucks ( SBUX ) were down about 3.5% in after-hours activity.

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