Starbucks says it will close 150 stores next year
Posted June 19, 2018 4:20 p.m. EDT
NEW YORK (CNNMoney) — Starbucks will close 150 poorly performing company-operated stores next year, about three times as many as it typically closes.
The company told investors late Tuesday that it expects same-store sales to grow just 1% for the quarter that begins next month, lowering its previous guidance. The stock slumped 3.5% in after-hours trading.
"Our recent performance does not reflect the potential of our exceptional brand and is not acceptable," Starbucks CEO Kevin Johnson said in a statement. "We must move faster to address the more rapidly changing preferences and needs of our customers."