Starbucks says it will close 150 stores next year

Starbucks says it will close 150 poorly performing stores next year

Here, Johnson says the company still has work to do to improve in-store efficiently and make the most out of its loyalty programs. "It is not an excuse", for the 1 percent growth rate, he added.

Although business overseas has been booming and the chain has been opening more and more cafes, US sales growth has stalled for the company that brought espresso to the masses.

Johnson indicated that the store closings would be mostly in major metro areas, where wage expectations and other regulations make it hard to operate at a greater profit. Investors cheered as Schultz retook the helm and closed some underperforming stores, and share prices at the chain have been up eight of the last 10 years.

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The company said global comparable store sales were on pace to rise 1% in the current third fiscal quarter, far below the 3% jump Wall Street was expecting. Americans can "get that same flavor profile at a much lower price somewhere else".

He also pointed to the impact of the company's response to the April arrest of two black men in a Philadelphia store, including the May 29 afternoon closure of 8,000 USA stores for anti-racial bias training. Outgoing chairman Howard Schultz said the training cost Starbucks "tens of millions" of dollars. Starbucks closed its US stores on May 29 to conduct racial-bias training for its employees. Most of the new locations it opens will be in underserved markets. The company is also preparing to "lean into more plant-based beverages", he said, noting that a new plant-based protein cold-brew drink will be introduced this summer. The training also delayed the launch of Starbucks' spring and summer marketing campaign by about two weeks.

In March, Rosalind Brewer, Starbucks' COO, also said the market for vegan food was significant and that the company was working on launching more plant-based food and drinks. Johnson confirmed Tuesday that China may one day be a larger market for Starbucks than the U.S.

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