Starbucks shares fell by the most in more than three months after the cafe chain warned that profits next year will grow more slowly than it forecast in March. In a presentation to Goldman Sachs’ Global Retailing Conference, the Seattle-based coffee giant said it expects adjusted earnings to grow less than 10% in its 2020 fiscal year, which begins Oct. 1. Its prior outlook was for 13% growth. Starbucks Corp. said the change
was due to two one-time items: accelerated share repurchases and tax benefits that boosted 2019 earnings. Chief Financial Officer Patrick Grismer said Starbucks is delivering on its expectations. “I would say we’re firing on all cylinders from an operating performance perspective with the focus and discipline necessary to drive growth at scale for a company like Starbucks,” he said.