Starbucks stock fell 5.4% in premarket trading on Friday after the coffee company said it expects a significant slowdown in comparable same-store sales growth in the current fiscal year, following a weak fourth quarter in China, the company's largest market outside the United States.

According to a major Newswire, the business predicts high single-digit growth in global comparable sales in the current fiscal year.

In the three months leading up to September, sales in the world's second-largest economy fell 7% as local governments reimposed restrictions to stem the spread of a resurgent coronavirus. This has an impact on operations as well as retail visitors.

In the current fiscal year, the company expects global comparable sales to grow by less than 10%, down from 20% in 2021. As the corporation deals with growing labor costs, higher leases, and more expensive raw materials, the operating margin is expected to drop to 17%. By 2023, the corporation wants to achieve an operating margin of 18% to 19%.Investigation Finds It Was Not a Tampon in LAPD Officer's Starbucks Cup -  Eater

Traders overlooked Starbucks' pledge to spend $20 billion on share repurchases and dividends over the following three years.

According to a major Newswire, CEO Kevin Johnson said the company is raising prices and will continue to do so in an inflationary market.

The dip in China sales was countered by a 22% increase in same-store sales in the United States. In the fourth quarter, same-store sales increased by 17%, and revenue increased by 31% to $8.1 billion, but it wasn't enough to meet expectations.

The adjusted profit of $1 came close to meeting expectations.

In a letter, the corporation stated that it will begin raising salaries in stages beginning in January.

In 2022, the retail chain plans to open 2,000 net new sites worldwide, up from 1,173 in 2021, with nearly 75% of them outside the United States.