$Starbucks (SBUX.US)$ sank more than 15% Wednesday after the popular coffee chain reported weaker-than-expected fiscal Q2 earnings.
SBUX fell as much as 15.8% to a $74.50 intraday low after the company said after the bell Tuesday that earnings per share came in at $0.68, missing analysts’ consensus estimate of $0.79.
Starbucks also recorded $8.6 billion in quarterly sales – down 1.4% from $8.72 billion in the same period last year and below analysts’ $9.129 billion consensus forecast.
Meanwhile, the company said Q2 global comparable-store sales fell 4%, while non-GAAP operating margin contracted by 150 basis points.