(BLOOMBERG) -- Americans' long-running joke about a Starbucks on every corner may be nearing its end.
The coffee behemoth is retrenching in its home market as it contends with sales growth that Chief Executive Officer Kevin Johnson acknowledges isn’t fast enough. The cafe chain said Tuesday it expects comparable sales to rise just 1 percent globally for the current quarter—the worst performance in about nine years. That’s well below the 2.9 percent analysts were expecting, according to Consensus Metrix.
Starbucks also plans to close about 150 company-operated stores in densely penetrated U.S. markets next fiscal year, three times the number it historically shuts down annually.
Advertisement - story continues below