Starbucks lowers profit forecast, speeds closures of poorly performing stores

Starbucks said its profits will be lower than previously expected this year, and it will close more underperforming stores as part of a multipronged response to what chief executive Kevin Johnson on Tuesday called unacceptably slow growth. The company said comparable sales growth at existing stores, a key measure of retail performance, was expected to be just 1 percent in the current quarter, despite a booming economy and a broadly healthy restaurant industry. (Seattle Times)

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