Starbucks’ Sales Keep Falling, Amping Up Turnaround Stakes (2)

Starbucks Corp.’s chief executive officer said the coffee chain is making progress in reviving growth, but flagging sales in the latest quarter and a sputtering economy amped up pressure on the company’s new management to deliver.

Same-store sales declined 1% in the quarter ended March 30, falling short of Wall Street estimates. Earnings per share also missed expectations.

The company’s shares fell 11% at 9:31 a.m. in New York trading. The stock had declined 7% this year through Tuesday’s close, slightly more than the drop of the S&P 500 Index over the same period.

“I’d be remiss if I ...