Starbucks Corp. said it will close more coffee shops in the increasingly crowded US market where it was a pioneer.
According to CNN, "poorly performing" stores around the country will be getting the ax.
Starbucks shares fell on Wednesday after the coffee chain's same-store sales forecast for the third quarter missed forecasts. As of right now, there's no word on which cities will be affected by the change.
In a typical year, Stabucks shutters about 50 stores.
Starbucks Chief Financial Officer Scott Maw reportedly acknowledged that the incident "had an impact" on the low same-store sales growth rate of 1 percent expected for the quarter beginning next month.
Starbucks announced that it will be closing about 150 "underperforming company-operated stores in its most densely penetrated markets" in the 2019 fiscal year. "Now, in a lot of ways, it's middle America and the South that presents an opportunity".
He'd relinquished his CEO title to Johnson in April 2017. Schultz, who had already transitioned away from running the coffee chain's day-to-day operations, announced earlier this month he'd be leaving the company, fueling speculation he could be gearing up for a political career. Americans can "get that same flavor profile at a much lower price somewhere else". One area executives have targeted is wasted product, which costs Starbucks $500 million a year in the U.S. Starbucks closed its US stores on May 29 to conduct racial-bias training for its employees.
Oversaturation of the market could also be an issue plaguing the coffee chain, which is why the store closings will be focused on urban areas with a higher concentration of Starbucks locations.
Closing stores is not new for businesses, but the 150 figure is almost three-times the average for the company.
The chain is also relying on its digital initiatives to contribute between 1 and 2 percent to comparable sales next fiscal year.
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. "But the current political environment with trade wars looming or the governments picking at each other-it definitely casts a shadow over the long-term prospects for large western brands that are in China".
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