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Starbucks on Thursday reported first-quarter earnings that showed profits in line with expectations but a miss on sales at stores open for at least one year.
Comparable-store sales rose 3%, below analysts’ forecast for 3.6%, according to Bloomberg. Revenues also came in light, at $5.29 billion versus $5.41 billion expected.
Sales growth slowed amid competition from lower-end brands like Dunkin’ Donuts and McDonald’s that serve cheaper coffee. And earlier this year, mobile orders overwhelmed baristas in some stores during peak hours.
The coffee retailer reported adjusted earnings per share of $0.45.