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Starbucks Shares Sink on Profit Warning

Reuters

Posted: 2008-04-23 17:43:49

Filed Under: Earnings

LOS ANGELES (April 23) - Starbucks Corp on Wednesday warned of weaker-than-expected earnings for the second quarter and full year due to weak U.S. consumer spending that led to a drop in sales at established stores.

The company, which has been trying to revive business in the United States, said it expects first-quarter earnings per share of 15 cents.

Wall Street analysts, on average, had been expecting earnings of 21 cents per share, according to Reuters Estimates. In the same period last year, Starbucks earned 19 cents a share.

(Reporting by Nichola Groom)

Copyright 2008 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. All active hyperlinks have been inserted by AOL.

2008-04-23 16:57:42

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Lawrencenyc4 02:11:30 AM Apr 24 2008

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