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Business Briefing / Earnings

Cost-cutting helps Starbucks

July 22, 2009|Times Wire Reports

Cost-cutting helped coffeehouse chain Starbucks Corp. to post a fiscal third-quarter profit better than analysts had expected despite lower sales.

The Seattle company said it earned $151.5 million, or 20 cents a share, compared with a loss of $6.7 million, or 1 cent, a year earlier. Revenue fell 7% to $2.40 billion.

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