That is what you get with an ‘open borders’ policy.
Via BI:
Starbucks shares fell by as much as 5% in after-hours trading Tuesday after the company announced a third-quarter sales forecast that was weaker than analysts had expected.
Global same-store sales, at locations open for at least one year, were projected to rise 1%, weaker than the forecast for 2.9% growth according to Bloomberg.
Starbucks also announced a number of strategic changes. Notably, as from 2019, it plans to shift its focus for new stores away from areas where it already has a strong presence and to underserved markets. The company plans to close about 150 underperforming locations in 2019, up from its average pace of up to 50 closures every year, the company said.
“We must move faster to address the more rapidly changing preferences and needs of our customers,” Kevin Johnson, Starbucks’ CEO, said in a statement.
HT: wtd