Fewer people used the the Oxford Bus Company in Oxford in December, bosses have admitted.
They blame a drop in the number of Christmas shoppers in the city centre.
Director and general manager Louisa Weeks said: "The five months leading up to December saw an increase in the number of passengers carried.
"But, as local traders have commented, December was much quieter."
The company declined to reveal how much the December figure had fallen, although it confirmed it carries 17 million passengers a year.
Meanwhile, its parent company Go-Ahead saw its fortunes decline as pre-tax profits dropped by 3.6 per cent to £45.2m for the six months up to December 29.
The company has been hit by a £1.5m hike in its fuel bill over the period.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article