Starbucks Corp. said Wednesday that it would close 100 underperforming U.S. stores and slow domestic openings in the face of a likely consumer recession and its own overbuilding.
Its shares fell nearly 2% in after-hours trading.
The coffee chain -- which is turning its focus to increasing its overseas business -- has been battered in recent months by slower consumer spending, higher milk and labor costs and concerns it may have saturated the U.S. market.
Starbucks cut its forecast for 2008 U.S. store openings to 1,175 from 1,600 and planned to increase international store openings by 75 outlets to 975.
Executives said they would discontinue guidance for fiscal 2009 and beyond and stop issuing same-store sales results, saying they would not be effective indicators of the business during the turn-around period.