Starbucks reports surprise drop in same-store sales; shares tumble

Juveria Tabassum - Reuters - 30/04
Starbucks on Tuesday reported a fall in same-store sales for the first time in about three years as it battled weak demand for its coffees in the U.S. and China, its two biggest markets, sending its shares down 11% in extended trading.
April 30 (Reuters) - Starbucks (SBUX.O)New Tab, opens new tab on Tuesday reported a fall in same-store sales for the first time in about three years as it battled weak demand for its coffees in the U.S. and China, its two biggest markets, sending its shares down 11% in extended trading.
The coffee chain's second-quarter global comparable sales fell 4%, compared with a 1.44% rise estimated by analysts, according to LSEG data. It also missed estimates for quarterly profit by a wide margin.
"In a highly challenged environment, this quarter's results do not reflect the power of our brand," CEO Laxman Narasimhan said.
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