- Starbucks (NASDAQ:SBUX) says it will slow the pace of licensed stores it opens and will close underperforming company-operated locations in densely populated areas.
- The moves along with some other tightening are expected to improve the cash position of the restaurant operator and lead to shareholder-friendly capital allocation moves. The company increased its quarterly dividend to $0.36/share from $0.30/share and now expects to return ~$25B to shareholders via buybacks and dividends through FY20, up from a prior target of $15B.
- Previously: Starbucks -3% after updating on FQ3 results (June 19)
- SBUX -3.46% AH.