The company lowers forecast, cites waning consumer confidence
Starbucks reported a 19-percent increase in third-quarter profit late Thursday, but warned that the “fragile” economic picture began to slow traffic growth in U.S. locations, starting in June. In a call to analysts following the company’s earnings report, Howard Schultz, the Starbucks chair, chief executive and president, said the results were less than expected for the 17,651-unit global chain. The company lowered expectations for the fourth quarter, saying earnings per ...
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Contact: Desiree Torres Desiree.Torres@penton.com