Starbucks says it will close 150 stores next year

(Photo credit: PAUL J. RICHARDS/AFP/Getty Images)

SEATTLE – Starbucks will close 150 poorly performing company-operated stores next year, about three times as many as it typically closes.

The company told investors late Tuesday that it expects same-store sales to grow just 1% for the quarter that begins next month, lowering its previous guidance. The stock slumped 3.5% in after-hours trading.

“Our recent performance does not reflect the potential of our exceptional brand and is not acceptable,” Starbucks CEO Kevin Johnson said in a statement. “We must move faster to address the more rapidly changing preferences and needs of our customers.”