Starbucks takings slide

17-11-2006

Starbucks takings slide
Global coffee chain Starbucks has announced a six per cent dip in profits in the three months to October 31st.

The Seattle-based group turned a profit of $117 million (£62 million) in the last quarter, compared to $124 million (£66 million) in the corresponding period in 2005.

In the full-year Starbucks said its revenue had risen 22 per cent to $7.8 billion (£4 billion), resulting in overall earnings of $564 million (£299 million), an increase of 14 per cent.

Jim Donald, the company's president and chief executive officer, said that Starbucks had delivered "strong operating results" for the financial year, which saw 2,199 stores opened worldwide.

"We demonstrated the strength of our business model as we opened a record number of new stores around the world, which contributed to strong top line growth, and we enhanced and expanded our product offerings through innovation and entry into new channels.

"We accomplished all of this through the hard work of our passionate partners who maintain a consistent focus on the needs of our customers," he added.

Mr Donald also emphasised that customer demand for Starbucks products "remains strong", with Egypt and Brazil two new markets earmarked for expansion in the coming three months.


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