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Starbucks ( SBUX ) disappointed Wall Street for a second consecutive quarter after reporting a fiscal first-quarter sales miss after the close.

[ibd-display-video id=3105118 width=50 float=left autostart=true] Estimates : Profit growth of 10% to 57 cents a share on a 7% sales increase to $6.14 billion, according to Zacks Investment Research. Consensus Metrix expects 3% in global same-store sales growth, including 3.3% in the Americas and 2.2% in the China and Asia Pacific region.

Results : EPS of 65 cents on revenue of $6.07 billion. Global comps grew 2%, including 2% Americas same-store sales growth and 1% China and Asia Pacific comps, all below estimates. Starbucks Rewards' active loyalty membership rose 11% to 14.2 million.

Outlook : Starbucks now sees non-GAAP EPS of $2.48-$2.53, up from prior targets $2.30-$2.33 in fiscal 2018, citing tax-reform impacts.

Stock : Shares are sliding late after dipping a half percent to 60.55 in the stock market today .

The company said earlier in the week that it will spend $250 million on improving benefits and wages for over 150,000 employees.

Coffee is an increasingly competitive space, what with McDonald's ( MCD ) and Dunkin' Brands ( DNKN ) cheaper-java efforts.

Look for additional commentary on the conference call about the high-growth China and Asia Pacific region; Starbucks CFO Scott Maw said in November that the segment "will drive roughly half of our global new store growth in fiscal 2018 - with 1,100 net new stores - nearly 600 in China."

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Starbucks remains well ahead of its peers in the mobile-payment and loyalty arenas, with over a third of tender coming from Starbucks Rewards and an expanded Mobile Order & Pay system that now allows non-loyalty members to use the Starbucks app's order-ahead feature.

Dunkin' reports on Feb. 6, and hosts an investor day two days after that.

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