Starbucks lowers profit forecast, speeds closures of poorly performing stores

Jun 20, 2018 |

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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