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Starbucks said it will accelerate the rate at which it is closing underperforming company-owned stores in areas that are already packed with them.

The announcement was made on the heels of revealing that Starbucks was expecting same-store sales to grow just 1 percent for the quarter of the fiscal calendar beginning next month - after initially projecting a 2.9 percent growth.

Starbucks stock fell in after-hours trading.

"While certain demand headwinds are transitory, and some of our cost increases are appropriate investments for the future, our recent performance does not reflect the potential of our exceptional brand and is not acceptable", Starbucks CEO Kevin Johnson said in a statement.

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"The company's streamlining initiatives will enable greater agility in adapting more quickly to changes in consumer preferences, " the company stated.

Starbucks says it will also add more teas to its menu and plans on "capitalizing on health and wellness trends" Bloomberg notes. That alliance frees Starbucks to focus on improving its mainstay US cafe business, where traffic growth had stalled.

It might feel like there's a Starbucks on every corner in America, but next year, there will be fewer stores on fewer corners-150 fewer, to be exact.

As for store closures, Johnson said the ones it's targeting are unlikely to be moved or replaced, with their business ideally moving to other shops and raising overall system performance.

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When Starbucks released its second-quarter earnings in late April, the chain had net revenues of $6 billion, a 13.9 percent increase from $5.29 billion in the same period in fiscal year 2017.

Oversaturation of the market could also be an issue plaguing the coffee chain, which is why the store closings will be focused on urban areas with a higher concentration of Starbucks locations.

Starbucks said it would look to open more stores in under penetrated markets and explore strategic options to license company-operated stores.

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