Monday, 20 August, 2018


Starbucks says it will close 150 poorly performing stores next year

Starbucks says it will close 150 poorly performing stores next year Starbucks says it will close 150 poorly performing stores next year
Conrad Doyle | 20 June, 2018, 17:44

That period has seen big strategic moves in China, a globe-spanning partnership with Nestle, a high-profile racially charged incident and unprecedented corporate response, and executive chairman Howard Schultz's quasi-retirement, effective next week.

Watch Starbucks trade in real time here. Investors reacted to news that Starbucks could experience its worst performance in about nine years by sending the shares down 3.8% in pre-market trading.

The company made the announcement after lowering its guidancefor comparable same-store sales growth in the current quarter to just 1%, well below the 2.9% expected by analysts.

Starbucks announced Tuesday that it is closing 150 of its USA stores in the next year, three times as many as the chain normally closes in that time period. Quarterly dividends will be boosted 20 percent to 36 cents per share over the next five quarters.

It says it generally averages closing up to 50 stores a year. He said the entire "slushy coffee" category is in decline as consumers look for healthier options. Maw said the company is bringing in an outside consulting firm to find cost savings, which Starbucks hopes to realize as soon as its fourth quarter.

The Seattle-based company announced Tuesday that it will close approximately 150 underperforming stores in its most densely populated USA markets amid sluggish sales - up from its usual rate of 50 per year. "It is not an excuse", for the 1 percent growth rate, he added. Starbucks said it also will slow the growth of licensed stores in airports, supermarkets and other retail stores, reflecting criticism that the coffee-shop pioneer was expanding too rapidly. The locations of the stores to be closed have not been released.

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