The troubles are coming from Europe, where same-store sales fell -1%. The company is sending in two top US executives to turn around the European business, but currently has no timetable for improvement.
The company also raised its full-year EPS guidance to $1.81-$1.84. But the rise was below the previous consensus estimate of $1.86, adding to the woes that analysts saw in Europe.
Shares are down -5.4% at $57.37 in a 52-week range of $33.72-$62.00. Starbucks’ shares were up about 64% for the past 12 months before today’s decline.
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