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Starbucks set to close 150 stores

(Source: CNN)
(Source: CNN)
Updated: Jun. 19, 2018 at 4:27 PM CDT
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(KLTV) - Starbucks will close 150 poorly performing stores in 2019.

The coffee-based chain said Tuesday that it expects same-store sales to grow just one percent for the quarter that begins next month, lowering its previous guidance. The stock slumped 3.5 percent in after-hours trading, according to a Starbucks press release.

"Our recent performance does not reflect the potential of our exceptional brand and is not acceptable," Starbucks President and CEO Kevin Johnson said in a statement. "We must move faster to address the more rapidly changing preferences and needs of our customers."

Starbucks has not yet announced which stores it will close.

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