Starbucks Corp. (NASDAQ: SBUX) CEO Brian Niccol says he is a turnaround artist. He has fixed Chipotle and Taco Bell. Yet, that reputation was smashed by Starbucks’ new earnings.

Niccol has had time to fix things, as he started in September. He did all the right things. He fired over 1,000 management staff and reorganized the executive suit. And he issued a manifesto about what was wrong with Starbucks and how he would fix it.

In the most recently reported quarter, the company’s comparable sales worldwide dropped 2%. It was the fifth consecutive quarter of declines. In North America, they fell 1% as well. China is most important market for Starbucks after the United States. Same-store sales in China were flat.

CFO Cathy Smith said, “While our financial results are far from Starbucks potential, we are working to build back a better business.” That may be why the stock is down 14% this year.

Starbucks’ financial results were ugly. Revenue rose 2% to $8.8 billion. Per-share earnings plunged 50% to $0.34.

The Wall Street Journal reported customers are still unhappy about wait times: “Starbucks anticipates the new algorithm, which it started working on this year, will determine sequencing across cafe counters, drive-throughs and apps.” That’s a test for which the results are yet to be proven. Some people who abandoned its stores will not come back. Some went to Dunkin’ Donuts.

Niccol said he is seeing “real momentum.” A lot of people don’t see it the same way.

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