Get the latest tech news

Starbucks shares sink 8% as same-store sales fall, quarterly results miss

Across all regions, Starbucks reported shrinking same-store sales and falling traffic.

"In a highly challenged environment, this quarter's results do not reflect the power of our brand, our capabilities or the opportunities ahead," CEO Laxman Narasimhan said in a statement. The company also revised its projections for global and U.S. same-store sales growth to a range of low-single digits to flat from its previous forecast of 4% to 6%. "While it was a difficult quarter, we learned from our own underperformance and sharpened our focus with a comprehensive roadmap of well thought out actions making the path forward clear," CFO Rachel Ruggeri said in a statement.

Get the Android app