Starbucks Plans To Close 150 Stores Next Year

20 June, 2018, 17:30 | Author: Billie Castillo
  • Natarajan “Venkat” Venkatakrishnan vice president of global equipment at Starbucks

FBN's Cheryl Casone on Starbucks' decision to raise its prices.

Closing stores is not new for businesses, but the 150 figure is almost three-times the average for the company.

The company plans to close about 150 underperforming locations in 2019, up from its average pace of up to 50 closures every year, the company said.

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.

Starbucks CEO Kevin Johnson says the global coffee chain will be "leaning into" creating more plant-based beverages as consumers continue to demand vegan options.

We understand Italy's evaluations on migrants - Merkel
Seibert declined to elaborate ahead of the meeting, which will be preceded by statements from the leaders. President Emmanuel Macron and Chancellor Angela Merkel met on June 19 in Meseberg, near Berlin .

Starbucks shares fell by as much as 5% in after-hours trading Tuesday after the company announced a third-quarter sales forecast that was weaker than analysts had expected. "We must move faster to address the more rapidly changing preferences and needs of our customers". It also said that it would return about $25 billion in cash to shareholders through buyback programs as well as dividend offerings - which was about a $10 billion increase from the previously announced target.

Starbucks' Executive Chairman and co-founder Howard Schultz said earlier this month that he is stepping away from the company on June 26, ending an era.

"We lost momentum", Johnson said in a presentation to analysts at the Oppenheimer Consumer Conference on Tuesday.

The chain, which operates more than 8,000 USA stores, said the changes were made to address the weaker-than-expected sales growth, adding that several digital initiatives were expected to add 1% to 2% in comparable sales in fiscal 2019. Schultz is widely rumored to have political aspirations.

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