Updated from Oct. 6
Sales slowed at
in September, though the company's annual growth rate still came in above its long-term target.
On a comparable five-week basis, Starbucks said after the bell Wednesday that sales were up 23% from the same period a year earlier. Meanwhile, sales at Starbucks stores open at least 13 months were up 7% from the same five-week period last year.
That rate of same-store sales growth was the slowest in more than a year, and represented a deceleration
from August, when Starbucks' comparable-store sales grew by 8%. Earlier in the year, the company consistently posted same-store sales growth of 10% or greater and overall revenue growth of about 30%.
The company's shares were recently down $1.38, or 2.9%, to $46.60 in Thursday trading.
For the six weeks ended Oct. 3, the coffee chain posted $624 million in revenue. That was up from the five-week September period last year, when the company posted sales of $423 million.
The slowdown in September was due in part to the hurricanes that buffeted Florida and the Southeast last month, said Chairman Howard Schultz, in a statement. Starbucks has more than 250 locations in Florida alone, he said.
"September comparable-store sales are at the high end of our longer-term target range and demonstrate the strength of the Starbucks brand in the marketplace," Schultz said in the statement.
In February, Schultz projected that over the long term, Starbucks' overall revenue would grow by about 20% annually, and that its same-store sales would increase by about 3% to 7% a year.