Though some still believe Starbucks to be a valuable commodity, others not so much, as the coffee giant reported a significant loss of profit in the 4th quarter of 2008. According to the Seattle Times, Wall Street analysts had expected profits to average 13 cents a share, with actual reports closer to 10 cents a share.
“We appear to be more resilient than many other premium brands,” Starbucks Chief Executive Howard Schultz said in a statement. “I am optimistic we are well positioned to weather this challenging economic environment.”
Starbucks has taken quite a hit this year, even while trying to adjust with the times. With profit losses at 97% due to “falling foot traffic into U.S. stores and costs related to closing underperforming stores,” the corporation still managed to make a cool $10.4 billion in 2008.
Category: food, wine, spirits
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