Starbucks Corp. (SBUX) plans to close 150 company-owned stores next year and put the brake༺s on the number of new 🧔licensed stores it opens.

The iconic coffee chain, which typically shuts down about 50 stores per year, said in a that the closures will occur mostly in "densely pe꧟netrated markets." Management also plans to reduce the number of new licensed stores in 2019 by about 100 stores, according to . 

The company made the announcement after lowering its guidance for comparable same-store sales growth in the current quarter to just 1%, well below the 2.9% expected by analysts. Invest๊ors reacted tꦜo news that Starbucks could experience its worst performance in about nine years by sending the shares down 3.8% in pre-market trading. 

"Our recent performance does not reflect the potential of our exceptional brand and is not acceptable," CEO Johnson said in the statement. "We must move faster to address the more rapidly changing preferences and needs of our customers."

Starbucks said its third quarter forecasts had been impacted by its decision to close 8,000 stores on the afternoon of May 29 t🧸o provide roughly 175,000 employees with anti-bias training. The mandatory training program, which outgoing chair Howard Schultz said had cost the company tens of millions of dollars, was enforced after two black men were arrested at a store in Philadelphia while waiting for a friend.

During a presentation at the Oppenheimer Consumer Conference on Tuesday afternoon, reported on by , Starbucks CFO Scott Maw admitted that the closures "had an impact.” CEO Johnson added that it “is not an excuse," for the disappointing 1% growth rate. (See also: 澳洲幸运5官方开奖结果体彩网:Big♐ Warning Signs for Starbucks Stock.)

Starbucks hopes to revitalize growth by bolstering its digital initiatives, teaming up with Nestlé S.A. (NSRGY) and developing more healthy drinks. Sales of sugary Frappuccinos, once a major sales driver, fell 3% and now account for just 11% revenue — down from 14% in 2015, noted CNBC. (See also: Nestlé ဣPaying $7.15B to Sell Starbucks Products Globally.)

The company has also decided to increase its regular quarterly dividend by 20 percent. It no🥂w expects to return approximately $25 billion in cash to shareholders in the form of share buybacks and dividends through fiscal year 2020, a $10 billion increase from the cash r🌄eturn target announced in November.