Anorak News | You Know It’s A Recession: Starbucks Slumps

You Know It’s A Recession: Starbucks Slumps

by | 1st, May 2008

BRING back the greasy spoon:

Starbucks, faced with a sharp drop-off in customers, reported on Wednesday that earnings declined 21 percent during the second quarter.

Starbucks reported that net income declined to $108.7 million, or 15 cents a share, from $150.8 million, or 19 cents a share, in the year-ago quarter. The company said revenue rose 12 percent, to $2.5 billion.

The report came just a week after Starbucks, the world’s largest coffee chain, warned of lower-than-expected earnings and cut its full-year forecast, citing a decline in quarterly sales and describing the economic environment as the weakest in the company’s history. Wall Street analysts had forecast 19 cents a share for the quarter.

And shit coffee. Don’t forget the shit watery coffee…

Posted: 1st, May 2008 | In: Money Comment (1) | TrackBack | Permalink