Starbucks will be closing 150 poorly-performing stores in 2019.
Starbucks says it will accelerate its store closings in the US next year to counter cooling sales growth.
"The company's streamlining initiatives will enable greater agility in adapting more quickly to changes in consumer preferences, " the company stated.
If you sometimes get the impression there is a Starbucks (sbux) on every street corner in major US cities, you're not that far off mark.
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Starbucks normally closes about 50 underperforming stores per year.
For the ubiquitous chain, moving slower and shutting unprofitable stores may trigger some deja vu. 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.
Starbucks closed 8,000 stores on the afternoon of May 29 to offer about 175,000 employees mandatory anti-bias training after two black men were arrested at a store in Philadelphia while waiting for a friend.
When Starbucks released its second-quarter earnings in late April, the chain had net revenues of $6 billion, a 13.9 percent increase from $5.29 billion in the same period in fiscal year 2017.
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The report also indicates the 150 closures are about three times as many as the company usually closes. "That becomes an area of concern for Starbucks".
Starbucks said it now expects earnings in the range of $3.23 to $3.26 a share for the current fiscal year, down about a dime from its previous targets.
Starbucks said it would look to open more stores in under penetrated markets and explore strategic options to license company-operated stores. Additionally, it plans to cut general and administrative costs, and has hired a consultant to help in this area.
According to Bloomberg, the nationwide chain plans to reduce its amount of stores in "densely populated markets" across America, with the newly announced CEO saying "our shareholders deserve better".
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