Starbucks to close 150 stores in US
The coffee behemoth is retrenching in its home market as it contends with sales growth that Chief Executive Officer Kevin Johnson acknowledges isn’t fast enough.
The cafe chain said Tuesday it expects comparable sales to rise just 1 percent globally for the current quarter the worst performance in about nine years.
That’s well-below the 2.9 percent analysts were expecting, according to Consensus Metrix.
Starbucks also plans to close about 150 company-operated stores in densely penetrated U.S. markets next fiscal year, three times the number it historically shuts down annually.
Shares initially slid as much as 6.3 percent in late trading Tuesday before inching back up. The stock was down 1.6 percent as of 5:24 p.m. in New York.
https://www.detroitnews.com/story/business/2018/06/20/starbucks-closing-stores/36199515/