Starbucks to close triple the normal number of stores as sales disappoint
20 June, 2018, 20:00 | Author: Irvin Gilbert
Starbucks announced Tuesday that it is closing 150 of its USA stores in the next year, three times as many as the chain normally closes in that time period.
The run of bad press has seemingly caught up with coffee giant Starbucks, as the company told investors late Tuesday that the company is preparing to close roughly 150 shops that have underperformed.
"Our recent performance does not reflect the potential of our exceptional brand and is not acceptable", CEO Johnson said in the statement.
Starbucks Chief Financial Officer Scott Maw reportedly acknowledged that the incident "had an impact" on the low same-store sales growth rate of 1 percent expected for the quarter beginning next month.
Oversaturation of the market could also be an issue plaguing the coffee chain, which is why the store closings will be focused on urban areas with a higher concentration of Starbucks locations.
"The company's streamlining initiatives will enable greater agility in adapting more quickly to changes in consumer preferences, " the company stated.
Starbucks normally closes about 50 underperforming stores per year. Outgoing chairman Howard Schultz said the training cost Starbucks "tens of millions" of dollars.
'While this is not limited to Starbucks, we're committed to being a part of the solution, ' said Johnson, a former technology executive who took the helm about a year ago.
The company apologized to the two men, and closed all locations for a half day to give employees diversity training.
The company also said it would look to cut general and administrative expenses with plans to partner with an external consultant to speed up the process.
In early May, Swiss-based Nestle (NESN.S) said it would pay Starbucks $7.15 billion for exclusive rights to sell Starbucks coffees and teas. U.S.net store growth peaked at 6 percent in Starbucks' 2017 fiscal year.
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