The company also said it expects 1 percent growth in global sales for the third quarter, a period that encompassed an uproar over the arrest of two black men at a Philadelphia Starbucks. Quarterly dividends will be boosted 20 percent to 36 cents per share over the next five quarters.
Starbucks cut its earnings outlook and plans to close more under-performing stores as part of a multi-pronged response to what chief executive Kevin Johnson called an unacceptable level of same-store sales growth Tuesday.
Earlier this month, Howard Schultz stepped down as president, which fueled reports that he was gearing up for a 2020 presidential run. Starbucks will borrow to finance the buybacks, Maw said.
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"It is not an excuse", for the 1 percent growth rate, Johnson added.
In early May, Swiss-based Nestle (NESN.S) said it would pay Starbucks $7.15 billion for exclusive rights to sell Starbucks coffees and teas.
In the past year, Starbucks has opened nearly 1,000 new stores in the Americas, which includes the U.S., Canada and Latin America.
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Starbucks aims to rein in spending, which grew faster than total sales in its fiscal second quarter. One area executives have targeted is wasted product, which costs Starbucks $500 million a year in the U.S.
Starbucks said it would look to open more stores in under penetrated markets and explore strategic options to license company-operated stores.
The Seattle-based company announced Tuesday that it will close approximately 150 underperforming stores in its most densely populated USA markets amid sluggish sales - up from its usual rate of 50 per year. That alliance frees Starbucks to focus on improving its mainstay US cafe business, where traffic growth had stalled.
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As for store closures, Johnson said the ones it's targeting are unlikely to be moved or replaced, with their business ideally moving to other shops and raising overall system performance. The locations of the stores to be closed have not been released.