Starbucks shares are sliding after the company reported lower-than-expected sales.
After the market close on Thursday, the coffee retailer announced that it earned $5.24 billion in fiscal-third-quarter revenue, missing the forecast for $5.34 billion, according to Bloomberg.
Its comparable store sales — at locations open for at least one year — rose 4%, lighter than the forecast for 5.4%.
But its adjusted earnings per share matched Wall Street’s forecasts, at $0.49.
Shares fell by as much as 5% in after-hours trading.
More to come …