Starbucks Sales Miss Points to Slow Turnaround Under New CEO

Starbucks Corp. sales and profit fell more than anticipated, signaling that a plan to revive growth by speeding up service and making cafes more welcoming has yet to bear fruit.

Comparable sales dropped 2% in the fiscal third quarter, while analysts polled by Bloomberg foresaw a 1.5% decline. Earnings excluding some items were 50 cents a share, well below the 65-cent average estimate.