Home Coffee companies Coffee Chains Starbucks to ...

Starbucks to shut down 150 poorly performing U.S. location next year

Howard Schultz (right) and Kevin Johnson (left)

Starbucks will close 150 U.S locations in fiscal year 2019 amid disappointing sales. That’s about three times its usual fleet-rationalization rate. The news comes just before executive chairman and co-founder Howard Schultz plans to step away from his role in the company on June 26.

The decision comes as a consequence of a slowing growth and a performance that is undeserving of shareholders, as Kevin Johnson, Starbucks president and CEO, explained during an Oppenheimer conference on Tuesday.

The company told investors 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.

Dear Reader,
you are not required to purchase anything for certain limited use of Comunicaffe International.
However, if you do not purchase a subscription, your access to our contents will be limited.
For further information about our subscriptions please visit the subscription page.

 

If you are already subscribed please type here your credentials: