Starbucks profit falls for first time since 2001
From Bloomberg News
Starbucks Corp. said profit fell for the first time since 2001 on higher store-operating costs and more expensive coffee.
Fourth-quarter net income declined 5.2% to $117.3 million, or 15 cents a share, the Seattle-based company said. An accounting change on store leases also lowered profit.
Sales in the three months ended Oct. 1 rose 21% to $2 billion, missing analysts’ estimates of $2.02 billion.
