Slowdown and restructuring cost Starbucks
By Matt Andrejczak, MarketWatch
Last update: 5:09 p.m. EST Nov. 10, 2008SAN FRANCISCO (MarketWatch) -- Starbucks, in the midst of a restructuring aimed at blunting the effects of slower store traffic and a weak economy, reported a sharp quarterly profit drop late Monday.
In its fourth quarter, Starbucks earned $5.4 million, or 1 cent a share. Excluding charges to shut down stores and cut jobs, Starbucks said it earned 10 cents a share, below Wall Street's target of 13 cents, according to a FactSet analyst survey.