Starbucks will close 150 poorly performing company-operated stores next year, about three times as many as it typically closes. The affected stores are located in mostly urban areas that are densely populated with Starbucks locations.
The company told investors late Tuesday that it expects same-store sales to grow just 1% for the quarter that begins next month, lowering its previous guidance. The stock slumped 3.5% in after-hours trading.
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