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Starbucks, the world's largest coffee chain,
posted lower than expected earnings numbers Thursday, blaming the
global economic slowdown for reducing customers' discretionary
spending.
The Seattle-based company said global revenues for its third
quarter rose 13 per cent to 2.2 billion dollars (1.8 billion euros),
while earnings rose 19 per cent from 279 million dollars to 333
million dollars. The company's stock price dropped 9 per cent in
after-hours trading.
Though the figures came in below expectations, Starbucks CEO
Howard Schultz said he was pleased with the results "in the face of
high legacy commodity costs and challenging economic and consumer
headwinds in key markets."
