NEW YORK -- Starbucks trimmed its sales forecast Thursday after revenue came in lighter than expected in the most recent quarter.
The Seattle-based company said global sales rose 4 percent at established locations, including in its flagship U.S. market, for its fiscal third quarter. It now expects the sales-growth figure to stay in the 4 to 6 percent range for the year. It previously forecast growth to be "somewhat above" that range.
It comes after the coffee 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 Johnson said the overhaul -- which now rewards people based on spending rather than transactions -- has led to fewer customers splitting their purchases to collect more points.
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 rose 6 cents to close Thursday at $57.59.
Business on 07/22/2016