Starbucks shares slump 11 percent after earnings miss

Starbucks Corp (SBUX.O) shares slid more than 11 percent Friday, in their biggest one-day drop in 12 years, after it missed quarterly profit expectations and cut its outlook as visits to its U.S. coffee shops dwindled.

The world's largest coffee chain said on Thursday that store traffic was "noticeably down" in many areas across the United States in a sluggish pattern that began in June and continued in July.

The company missed Wall Street's quarterly profit estimate by 2 cents a share, a rarity for one of the food industry's top performers that, along with disappointing results from Chipotle Mexican Grill Inc (CMG.N) and McDonald's Corp (MCD.N), has stoked fears about a revision of growth expectations for the sector.

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- Posted: 2012-07-27 12:00:51

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