Starbucks Closing Cafes; CEO Calls Performance 'Not Acceptable'

Starbucks Corp forecast on Tuesday slower sales growth than Wall Street expected this quarter and plans to close about 150 U.S. cafes next fiscal year to boost performance, sending its shares down 2 percent after hours. The world's largest coffee chain is facing competition both from upscale coffee houses and lower-priced fast-food chains like McDonald's Corp and Dunkin' Donuts. It has missed analysts' estimates for same-store sales in the U.S.-dominated Americas region in five of the last...

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