Starbucks released Wednesday a weaker-than-expected forecast for its fiscal 2020 earnings.

Shares of the company slid more than 3% in premarket trading. The coffee chain's stock, valued at $116 billion, is up 50% so far this year, as of Tuesday's close.

Starbucks said that it expects fiscal 2020 earnings per share to be below its "ongoing growth model of 10%."

The company released the outlook in a slideshow for a presentation by CFO Pat Grismer at Goldman Sachs' Global Retailing Conference.

Grismer said that one-time tax benefits realized in fiscal 2019 will be a significant headwind to earnings growth in fiscal 2020. He also said that Starbucks decided to purchase about $2 billion worth of shares in fiscal 2019 instead of fiscal 2020.

"But again, I want to reinforce that our growth-at-scale agenda is delivering against our expectations," Grismer said. "I would say that we're firing on all cylinders from an operating performance perspective with the focus and discipline necessary to drive growth at scale for a company like Starbucks and our long-term double-digit EPS growth model is fully intact."