Shares Of Starbucks Drop 13% On Earnings Miss And Weak Outlook

The stock of Starbucks (SBUX) is down 13% after the retail coffee chain reported disappointing quarterly financial results and lowered its forward guidance. The Seattle-based company announced earnings per share (EPS) of $0.68 U.S. compared to $0.79 U.S. that was expected among analysts who cover the company. Revenue in the year’s first quarter totaled $8.56 billion U.S., which missed Wall Street forecasts of $9.13 billion U.S. Sales were down 2% from a year ago.Same-store sales fell 4% as traffic at Starbucks cafes declined 6% in the quarter. Analysts were anticipating same-store sales…