Starbucks Corporation (SBUX) Q1 2016 Earnings: Profit Forecast Misses Estimates, Sending Shares Lower

Starbucks Corp's current-quarter forecast missed analysts' estimates, and the company reported lower-than-expected sales growth at established cafes in its Asia Pacific division.

The company's shares were down nearly 4 percent at $56.71 in extended trading on Thursday.

The world's biggest coffee chain said Asia Pacific sales at cafes open at least 13 months rose 5 percent in the first quarter ended Dec. 27, but that missed the 6.10 percent increase expected by analysts polled by research firm Consensus Metrix.

Operating margin also declined 240 basis points to 19.4 percent in the region, primarily due to the impact of ownership change of Starbucks Japan in the quarter.

However, global sales at cafes open at least 13 months rose 8 percent in the first quarter, while it rose 9 percent in Americas division, its largest. Both handily beat analysts' estimates.

Starbucks' new mobile order and pay technology has boosted sales and profit in recent quarters. The technology has the potential to lure in customers who may have been turned off by long lines and waiting times.

The company forecast second-quarter adjusted earnings to be between 38-39 cents per share, below analysts' average estimate of 40 cents, according to Thomson Reuters I/B/E/S.

Total net revenue rose 11.9 percent to $5.37 billion in the first quarter.

Net income attributable to the company fell to $687.6 million, or 46 cents per share, from $983.1 million, or 65 cents per share.

Analysts had expected a profit of 45 cents per share and revenue of $5.39 billion.

Starbucks' shares, which closed up 3.7 percent in regular trading, had risen about 46 percent in 2015.