Business News
Starbucks reports quarterly losses as it closes hundreds of stores
Jul 30, 2008, 21:30 GMT
New York - Starbucks reported losses in its third quarter due to costs related to the closure of 600 stores in the United States, the coffee giant said Wednesday.
The Seattle, Washington-based firm lost 7 million dollars in the quarter down from earnings of 158 million dollars in the year-earlier period. Revenue rose 9 per cent to 2.6 billion dollars.
In the April-to-June period Starbucks had 168 million dollars in pre-tax expenses related to the costs of store closings and job cuts. The firm has said it will close 600 US stores and cut more than 12,000 jobs. It is also closing 61 stores in Australia and restructuring its management.
Worldwide Starbucks has 16,000 stores, with 11,000 of those in the United States.
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geeJul 30th, 2008 - 22:20:45
you think it could be thier outrages prices?
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