Starbucks Q2 profit falls 28%, US store traffic declines
Starbucks Corp says its fiscal second-quarter profit fell 28 percent as US consumers responded to rising food and gas prices by making fewer latte runs.
By Agencies |
SEATTLE: Starbucks Corp says its fiscal second-quarter profit fell 28 percent as US consumers responded to rising food and gas prices by making fewer latte runs.
For the quarter ended March 30, Starbucks' net income sank to $108.7 million (euro69.95 million), or 15 cents per share, from $150.8 million (euro97.04 million), or 19 cents a share in the same period last year.
Revenue rose 12 percent to $2.53 billion (euro1.63 billion) from $2.26 billion (euro1.45 billion) in the year-ago quarter, the company said Wednesday.
Starbucks warned last week that results would fall short of Wall Street's expectations. Analysts, on average, had forecast a profit of 21 cents per share on $2.63 billion (euro1.69 billion) in sales, according to a Thomson Financial survey.
For the quarter ended March 30, Starbucks' net income sank to $108.7 million (euro69.95 million), or 15 cents per share, from $150.8 million (euro97.04 million), or 19 cents a share in the same period last year.
Revenue rose 12 percent to $2.53 billion (euro1.63 billion) from $2.26 billion (euro1.45 billion) in the year-ago quarter, the company said Wednesday.
Starbucks warned last week that results would fall short of Wall Street's expectations. Analysts, on average, had forecast a profit of 21 cents per share on $2.63 billion (euro1.69 billion) in sales, according to a Thomson Financial survey.
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