Starbucks said it would close more stores than it would open next year, sending shares up nearly 5 percent even as it posted its first quarterly net loss since it went public in 1992.
The U.S. based coffee chain said it now expects to have a net decrease of 60 stores in the United States, good news for investors who feel that the company has too many stores.
Starbucks reported a fiscal third-quarter net loss of $6.7 million, or 1 cent per share, compared with a year-earlier net profit of $158.3 million, or 21 cents per share.