Related: Starbucks shares plunge on weak sales outlook and store closure
After a tumultuous year, Starbucks is hoping to get back to its feet with the introduction of the summer special beverages. Only a week ago, the coffee chain had announced its decision to shutter 150 out of its 8,000 stores in the next financial year. This is a three-fold increase in store closures, as it generally shuts only around 50 stores annually.
Also, the company provided a weaker-than-expected sales guidance, whereby Starbucks predicts a 1% rise in same-store sales. In contrast, the company is taking a hole in its own pocket by announcing a 20% dividend hike and its intention to return about $25 billion in the capital.
Starbucks’ shares have been trading between $50.70 and $61.94 for the past 52 weeks.