(Reuters) - Starbucks Corp (SBUX.O) on Tuesday forecast global comparable store sales for the current quarter below Wall Street’s estimates and said it anticipates lower net new store growth in the U.S. for fiscal 2019.
FILE PHOTO: A Starbucks store is seen inside the Tom Bradley terminal at LAX airport in Los Angeles, California, U.S. on October 27, 2015. REUTERS/Lucy Nicholson/File Photo
“We must move faster to address the more rapidly changing preferences and needs of our customers” Starbucks Chief Executive Officer Kevin Johnson said in a statement.
Starbucks said it expects global comparable store sales to rise 1 percent in the third quarter, below the 3 percent increase estimated by analysts, according to Thomson Reuters I/B/E/S.
The company’s shares fell nearly 3 percent in after market trading.
Reporting by Uday Sampath in Bengaluru; Editing by Shailesh Kuber
