Profits triple at Starbucks as US sales improve
25 January 2010 10:17
Starbucks has reversed two years of falling sales, tripling profit in its final quarter last year. Sales increased by 4% in the US, with profit up from $64.3 million to $241.5 million in the period to December 27th. UK sales rose by 3.9%, rising by 6% in the final six weeks of the period.
The group has closed more than 900 sites and focused on improving service, bringing back founder Howard Schultz to steer it through its recovery.
Praising a "leaner and stronger" Starbucks, Mr Schultz said: "We have now come through what was a cataclysmic and brutal economic crisis to deliver a record quarter. From our point of view, continued innovation, the successful enhancement of the consumer experience and a transformed, more efficient cost structure have brought Starbucks to a significant milestone – a return to profitable growth".
The company is predicting 2010 same store sales growth of be modestly positive.
Retail news is updated every weekday and is provided courtesy of: 
