Is the magic gone from Starbucks?

The chain has seemed to be an unstoppable juggernaut, growing rapidly as its brand and experience established its coffee as an affordable luxury that was immune from the economic cycles that can torment other retail chains.

Today, Starbucks is looking like any other retailer. The company on Thursday said that the number of visitors to its stores in the United States fell for the first time in its history.  

Worldwide, sales at stores open at least 13 months grew 4 percent in its fourth quarter, while sales in the United States rose 5 percent—but traffic at U.S. stores fell 1 percent.

The company also forecast 2008 earnings that were below many Wall Street analysts' estimates. And it plans to open 100 fewer stores in the United States next year. Starbucks has more than 15,000 stores in 43 countries.

The slowdown in traffic and expansion overshadowed a 35 percent gain in fourth quarter earnings. Shares of Starbucks tumbled in after-hours trading on Thursday.

Starbucks, which raised its prices in July, pointed to some of the same forces that retailers, including J.C. Penney, have cited for weakness in sales.

"The pressure we are seeing on the traffic isn't entirely unexpected considering the challenging operating environment and similar trends reported across both the retail and restaurant industry," Jim McDonald, the company's chief executive, said in a conference call, according to a transcript on the Seeking Alpha website. "It is apparent that our customers are feeling the impact of the economic slowdown."

Martin Coles, the chief operating officer, said, "I think our customers across the United States are experiencing a very similar phenomena, whether it's through the increase in gas prices, the overhang from the breakdown in the mortgage market, increasing dairy prices, or cost of living for them in general."

In an effort to revive growth in the United States, Starbucks is taking a page from the traditional retailers' playbook and running its first national television advertising campaign.

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