Coffee giant Starbucks serves up sweet earnings

July 22nd, 2009 - 12:00 pm ICT by IANS  

Seattle/Washington, July 22 (DPA) The world’s largest coffeehouse chain Starbucks delivered earnings of $152 million for the second quarter, easily beating Wall Street expectations, the Seattle-based company reported Tuesday.
In the April-June period of 2008, Starbucks swallowed a loss of $7 million.

Revenue in the latest quarter was off nearly seven percent to $2.4 billion.

After many years of rapid expansion, Starbucks has lately closed hundreds of its underperforming stores and reduced its workforce in attempt to regain solid profitability.

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