Starbucks Corp said on Wednesday it expects 2020 adjusted profit growth to be lo...
FILE PHOTO: A Starbucks logo hangs outside of one of the 8,000 Starbucks-owned American stores that will close around 2 p.m. local time on Tuesday as a first step in training 175,000 employees on racial tolerance in the Brooklyn borough of New York, U.S., May 29, 2018. REUTERS/Lucas Jackson
Chief Financial Officer Patrick Grismer told a consumer retail conference hosted by Goldman Sachs that he expected adjusted per-share profit growth for 2020 to be lower than the current 10% rate, pushing shares in the coffee chain down 4%. He also added that the company had brought forward its plans to buy back $2 billion worth of shares to 2019 from 2020 and hinted at fewer share repurchases next year.
The company will be providing the outlook for the next year on October 30, when it reports its fourth-quarter results.
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