Shares of the American coffee company and coffeehouse chain, Starbucks Corporation, slumped more than 3% in the after-hours trade after the company revised its global same-store sales growth for the long-term.
The company estimated an annual long-term global same-store sales growth of 3% - 4%, roughly in-line with analysts forecasts of 3% - 5% growth for this year.
Starbucks also trimmed its outlook for long-term annual EPS growth to at least 10%, after it had lowered the forecast in November 2017 to 12% or greater from the previous forecast 15%-20% growth. However, the company kept its long-term consolidated revenue growth in-line with the previously set estimate of 7% - 9%.
Despite the revision in the EPS estimate, the company reaffirmed its estimation of seeing an EPS of $2.61 - $2.66 compared to analysts consensus estimate of $2.65 on revenue growth of 5% - 7%. The company expects revenue in the range of $26 billion - $26.5 billion vs. the consensus estimate of $26.1 billion.
The company also confirmed increasing its store footprint in China to 6,000 stores across 230 cities over the next four years, up from the present 3,600 stores across 150 cities. They also unveiled plans to expand its coffee delivery network across the U.S., in partnership with Uber Eats.