Starbucks to close 150 locations in 2019

21 June, 2018, 00:31 | Author: Valerie Santiago
  • The Starbucks Roastery in Shanghai China

In May, Starbucks closed all of its more than 8,000 US stores for an afternoon so that their employees could participate in "racial bias training" following an incident in Philadelphia in which a store employee called the police on two black men who were arrested for trespassing.

Stifel pulled its target price down slightly, to $55, just a bit above current levels. The company said that so far in 2018, Frappucino sales have fallen by 3 percent.

Earlier this month, Howard Schultz stepped down as president, which fueled reports that he was gearing up for a 2020 presidential run.

The iconic coffee chain, which typically shuts down about 50 stores per year, said in a statement that the closures will occur mostly in "densely penetrated markets". China is the company's biggest growth driver with same-store sales rising 4 percent in the last reported quarter. Starbucks closed its US stores on May 29 to conduct racial-bias training for its employees.

Over 200 injured by quake in Osaka in western Japan
Kansai Electric Power said no irregularities had been detected at the Mihama, Takahama and Ohi nuclear plants after the quake. The train and subway service in and around Osaka, including the bullet train to Tokyo , was suspended while checks were made.

The coffee behemoth is retrenching in its home market as it contends with sales growth that Chief Executive Officer Kevin Johnson acknowledges isn't fast enough.

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.

Starbucks plans to improve its food options and shift from sugary drinks to "lean into more plant-based beverages". Investors reacted to news that Starbucks could experience its worst performance in about nine years by sending the shares down 3.8% in pre-market trading.

On a conference call with analysts, CEO Kevin Johnson said those regions include the Midwest and the South, where Starbucks is far less ubiquitous than it is in Manhattan and Washington, D.C. The news was reminiscent of Starbucks' efforts a decade ago to close stores following years of aggressive expansion that led to softening comparable sales growth.

Recommended:

  • Sri Lanka skipper Dinesh Chandimal charged over ball-tampering

    Sri Lanka skipper Dinesh Chandimal charged over ball-tampering

    It was communication with the team's board in Colombo which finally persuaded Chandimal and his men to continue with the match. Sri Lanka captain Dinesh Chandimal was at the forefront of a protest against his side altering the condition of the ball.
    23-foot python swallows woman whole as she tends to her garden

    23-foot python swallows woman whole as she tends to her garden

    In a similar occurrence, a man was also reportedly swallowed by a snake at a palm oil plantation in West Sulawesi in March 2017. Her sister went to look for her at the plantation, only to find her footprints, a torch, slippers and a machete on the ground.
    Pakistani Taliban Chief Targeted, Possibly Killed, In U.S. Drone Strike

    Pakistani Taliban Chief Targeted, Possibly Killed, In U.S. Drone Strike

    He is also believed to have ordered the 2012 shooting of then-15-year-old Yousafzai over her advocacy of girls' education. Washington and Kabul accuse Pakistan of harboring Afghan Taliban and the allied Haqqani network, which Islamabad denies.
  • Nightclub brawl in Venezuela kills 17 students celebrating graduation

    Nightclub brawl in Venezuela kills 17 students celebrating graduation

    One of those who lost their child was Nilson Guerra who told reporters: "All I know is my son is dead". Homicide rates in Venezuela have risen due to the country's political and economic troubles.
    Germans awake to doom and gloom after Mexico loss

    Germans awake to doom and gloom after Mexico loss

    Cheers erupted across Mexico as the national team bested Germany in its first match of the 2018 World Cup soccer tournament. Perhaps that's still true, but statements were definitely made about both teams here.
    China threatens tariffs on US lobsters as business booms

    China threatens tariffs on US lobsters as business booms

    Earlier, in mid-May, the United States and China had announced a cease-fire after two rounds of trade negotiations. Like the U.S. tariffs , China's retaliatory tariffs will be rolled out in two waves, the Finance Ministry said.
  • Cavs to Pursue Kawhi Leonard in an Attempt to Keep LeBron James

    Cavs to Pursue Kawhi Leonard in an Attempt to Keep LeBron James

    Could Hill and Leonard be traded for each other yet again? And the Philadelphia 76ers can put together a great one as well. He spent the final months of the year away from San Antonio and instead worked with a personal medical team in NY .
    Over 200 injured by quake in Osaka in western Japan

    Over 200 injured by quake in Osaka in western Japan

    Kansai Electric Power said no irregularities had been detected at the Mihama, Takahama and Ohi nuclear plants after the quake. The train and subway service in and around Osaka, including the bullet train to Tokyo , was suspended while checks were made.
    Kim takes late-night stroll in Singapore ahead of summit

    Kim takes late-night stroll in Singapore ahead of summit

    US presidents have always faced a predicament in balancing national security and geopolitical priorities with democratic values. The meetings also served as an ice breaker of sorts as the teams worked to get better acquainted after decades of minimal U.S.
  • Uruguay beat Egypt as Salah sits out of match

    Uruguay beat Egypt as Salah sits out of match

    Salah was one of the outstanding players in the world this season as he helped propel Liverpool to the Champions League final. Marwan Mohsen as a lone striker is not likely to be enough for the team at this year's tournament.
    Man United preparing £60m bid to sign Chelsea FC attacker

    Man United preparing £60m bid to sign Chelsea FC attacker

    Monrinho, is now hoping that Willians' addition will boost Manchester United's forward line in the new campaign. The Brazilian scored 13 goals and provided 8 assists for the Blues, despite an average season for the side.
    Republican Mark Sanford Admits That Opposing Trump May Have Cost Him Re-Election

    Republican Mark Sanford Admits That Opposing Trump May Have Cost Him Re-Election

    ME on Tuesday debuted its statewide ranked-choice voting, which allows voters to rank candidates first to last on their ballot. There was also the return of Sharron Angle, the conservative who once ominously threatened to "take out" then-Sen.


Popular

Kanye West, J. Cole, Miley Cyrus, Others React to XXXTentacion’s Death
Reports say his run-ins with law enforcement also included two robberies, assault with a deadly weapon and witness tampering. XXXTentacion has had a controversial career, and was now awaiting trial for domestic violence against his ex-girlfriend.

Meghan Markle's Father Apologizes for Staged Photos: 'It Was a Serious Mistake'
She walked about half the aisle by herself, with Charles waiting further down to escort her from the end of the Nave to the altar. He said that after that incident, he was still planning to attend the wedding, but then could not because of his health.

Merkel receives Macron in Berlin to thrash out deal on European Union reform
In another tweet he wrote, " We don't want what is happening with immigration in Europe to happen with us! ". Earlier, Merkel argued against the current proposal by saying Berlin can't unilaterally shut its borders.

Beyonce and Jay-Z drop surprise joint album 'Everything Is Love'
Listen to Newsbeat live at 12:45 and 17:45 every weekday on BBC Radio 1 and 1Xtra - if you miss us you can listen back here. Jay noted that those recording sessions birthed Beyonce's 2016 " Lemonade " album and later Jay-Z's 2017 "4:44" album .

5 undocumented immigrants killed in Texas auto crash
Texas Department of Public Safety officials say four were pronounced dead at the scene midday Sunday. Two of the vehicles stopped and arrests were made from each vehicle, according to the U.S.

Two Norwegian lawmakers nominate Trump for Nobel Peace Prize
Currently, there are "330 candidates for the Nobel Peace Prize for 2018 out of which 216 are individuals and 114 are organizations".

Second deputy dies in shooting in Kansas
Bailiff said she was not sure whether the suspect was shot by one of the deputies or someone else who responded to the incident. Bailiff said the inmate was being taken across the street from the jail, to the services building, for a court hearing.

Kingdom Hearts III Release Jan 2019
A special edition Kingdom Hearts PlayStation 4 Pro will be released along with the game when it launches on January 29, 2019 . Final Fantasy XIV: Stormblood had a short gameplay trailer that shows the new content added in the most recent patch.

Mikel Obi: Why Nigeria lost to Croatia
Rohr also stressed Alex Iwobi substitution was a tactical one and not because he had a poor performance. Thank God I managed to score - nothing more to be said, really".

Lionel Messi Is Giving Sleepless Nights To Harbhajan Singh. Here's Why
Stanislav noted that they lost to Nigeria and Spain in pre-World Cup friendlies because Messi was not fielded. Watching him play is such a privilege in itself that all arguments become moot.