Monday, November 10, 2008

Starbucks Profit Down 97%

At least there is SOME good economic news coming out of Wall Street. If the credit crisis manages to take out Starbucks, it may have all been worth it.

Starbucks 4th-quarter profit falls 97 percent on costs for closing stores, slow US sales

Fewer U.S. customers and venti-sized costs for closing poorly performing stores led to lower sales and profit in the fourth quarter at Starbucks Corp., the company said Monday.

The quarter's results came at the end of a transition year for the coffee retailer, in which former Chief Executive Howard Schultz took back the reins of the company to again fill the CEO and chairman posts. Full Article