Wednesday 17 August 2022

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

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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.

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