Starbucks missed revenue expectations for the fiscal second quarter and offered a third-quarter earnings outlook that was shy of forecasts, sending the stock sharply lower Thursday.
The coffee chain reported second-quarter earnings of 39 cents per share on $4.99 billion in revenue.
Analysts expected Starbucks to report earnings of about 39 cents per share on $5.03 billion in revenue, according to a consensus estimate from Thomson Reuters.
For the current quarter Starbucks said it expects earnings of 48 cents to 49 cents per share. Analysts had expected earnings of 49 cents.
The small misses were enough to knock more than 5 percent off the stock.
Starbucks' rewards program came under fire last month after consumers balked at the company's redesigned points system, which now rewards customers based on how much they spend, not how often they make purchases.
The swap, which took place last week, does not appear to have affected the company, as Starbucks saw 16 percent growth in its rewards loyalty program year-over-year, and an 8 percent increase from its fiscal first to second quarter, according to the company.
In addition, Starbucks said it saw global same-store-sales grow 6 percent due to a 2 percent increase in foot traffic and a 4 percent bump in tickets.
Last week, some analysts noted that an early Easter and unfavorable weather affected foot traffic in restaurants during the month of March, while others blamed downbeat economic talk by presidential candidates.
"It's going to be choppy," said Jefferies analyst Andy Barish. "Just like the market, it's been up and down sales-wise, with the quarter ending a little bit softer in March."
The latest Knapp-Track index for the casual dining sector revealed that year-over-year same-store sales fell 2.1 percent for the month of March. The data showed a 3.6 percent decline in guests. Knapp data are widely watched in the restaurant industry and seen as sometimes predicting how restaurant same-store sales are trending.
"There's scary stuff being said (this election cycle) so that puts a damper on things," said Malcolm Knapp, the New York-based consultant who created the Knapp-Track index. "People are really uncertain of what's going to happen — and they're going to hunker down, they're going to save, they're going to spend very selectively."
— CNBC's Jeff Daniels contributed to this report.
[Programming note: Starbucks' President Kevin Johnson will give an interview on Mad Money at 6 p.m., ET, Thursday.]