NEW YORK (AP) — Starbucks has trimmed its sales forecast after revenue came in lighter than expected in the most recent quarter.
The Seattle-based company said Thursday global sales rose 4 percent at established locations, including in its flagship U.S. market, for its fiscal third quarter. It now expects the figure to increase in the mid-single digit percentages for the year. It previously forecast growth to be “somewhat above” that range.
The results come after the chain revamped its rewards program in April, which some had speculated might drive away some customers.
Chief Operating Officer Kevin Johnson said the new rewards program was successful, with growth in active members. But he said the rollout meant training workers and delaying the launch of a Frappuccino promotion.
He said customer traffic was flat in the period from a year ago in the U.S.
For the quarter, Starbucks said its profit rose to $754.1 million, or 51 cents per share. That was more than the 49 cents per share analysts expected.
Total revenue was $5.24 billion, shy of the $5.34 billion analysts expected, according to FactSet.
Shares were down nearly 4 percent at $55.40 in after-hours trading.