Starbucks to close 150 locations this year

Galtero Lara
Junio 20, 2018

Competition from rivals like McDonald's and Dunkin' Donuts is heating up, said Bernstein analyst Sara Senatore in a research note.

"The company's streamlining initiatives will enable greater agility in adapting more quickly to changes in consumer preferences, " the company stated.

Starbucks Corp. said it will close more coffee shops in the increasingly crowded USA market where it was a pioneer.

"We have a line that we'd love to share with our customers later this year, so it is in our plans", she said.

Starbucks shares fell in after-hours trading Tuesday after the coffee chain's same-store sales forecast for the third quarter missed forecasts.

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"At least in the Starbucks heavy markets, the people that are going to drink coffee are already drinking it".

The Seattle-based company said it will close about 150 stores in fiscal 2019 in its most densely penetrated markets, 100 more than its historical average.

The changes came weeks after Starbucks Executive Chairman Howard Schultz announced he would leave the role in June.

The company told investors late Tuesday that it expects same-store sales to grow just 1 percent for the quarter that begins next month, lowering its previous guidance. 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 company said the closures will result in a slightly lower growth rate in company-operated stores.

The company also said it would look to cut general and administrative expenses with plans to partner with an external consultant to speed up the process. U.S.net store growth peaked at 6 percent in Starbucks' 2017 fiscal year.

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