Starbucks said it expects a "very difficult economic environment" throughout the fiscal year, in the U.S. and internationally, including Canada and the U.K.

Starbucks said it expects a "very difficult economic environment" throughout the fiscal year, in the U.S. and internationally, including Canada and the U.K.

"As the global financial crisis has broadened and intensified, other sectors of the global economy have been adversely impacted and a severe global recession of uncertain length now appears likely," Starbucks said in the report.

Also, earnings will be hurt by lease termination and severance costs from store closures in the U.S. In fiscal 2008, Starbucks began closing about 600 underperforming stores in the U.S. and restructuring its Australia business to focus on its remaining 23 stores there. Those costs will total up to 12 cents per share during fiscal 2009.

However, U.S. and Australia store closures, along with staff cuts, will help operating income by about 17 cents to 18 cents per share. In the U.S., the company plans to shutter 225 stores and open about 205 new licensed stores, decreasing its store count by 20.

Internationally, Starbucks plans to open about 700 new stores, two-thirds of which are expected to be licensed.

"Starbucks plans to be disciplined in its approach to new store openings, in both Company-operated and licensed markets, and adjust as needed in response to further worsening in the global economy," the company said.

Starbucks operated a total of 16,680 stores as of Sept. 28.