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Starbucks Shares Tumble on Disappointing Sales

Patrons have morning coffee at a Starbucks in Washington, DC on March 23, 2016. Photograph by Karen Bleier—AFP/Getty Images

Starbucks on Thursday reported cafe sales growth that fell short of Wall Street expectations in every region where it operates, sending shares down 4.9 percent.

The world’s biggest coffee said global sales at cafes open at least 13 months were up 6 percent for the fiscal second quarter ended March 27. Analysts had expected an overall same-cafe sales gain of 6.7 percent, according to research firm Consensus Metrix.

Net income rose to $575.1 million, or 39 cents per share, matching the average of analysts’ profit estimates complied by Thomson Reuters I/B/E/S.

Starbucks shares fell to $57.68 in extended trading, off their all-time high of $62.57 on Oct. 1.