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BUSINESS
April 6, 2001
* Starbucks Corp., the largest U.S. specialty-coffee retailer, said it expects to meet its 2001 profit target of 91 cents to 93 cents a share. The company also said same-store sales, or sales at stores open at least a year, rose 5% in March. Total March sales rose 23% to $252 million, Seattle-based Starbucks said.
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BUSINESS
March 14, 2014 | By Ronald D. White
Keurig Green Mountain Inc. has struck a series of deals that will increase the kinds of company-approved coffee and tea that K-cup loving customers can buy. In one such deal, Seattle-based coffee giant Starbucks Corp. said Friday that it had agreed to end its status as the exclusive super-premium coffee brand for Keurig Green Mountain Inc. Starbucks said in a statement that the deal was made in exchange for Keurig expanding its range of Starbucks products. Friday's announcement indicates a bit of a course change for the companies.
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BUSINESS
November 16, 2001 | Bloomberg News
Starbucks Corp. reported profit growth for its fiscal fourth quarter that met Wall Street estimates, but the company lowered its annual sales and profit forecasts because of the slowing economy. Starbucks now expects earnings of 54 cents to 55 cents a share next year, with sales growth of 20%, compared with its earlier forecast of 56 cents to 58 cents on a 25% increase in sales. Analysts on average were expecting 55 cents, according to Thomson Financial/First Call. For the quarter ended Sept.
BUSINESS
July 31, 2008 | From the Associated Press
Coffeehouse chain Starbucks Corp. said Wednesday that weak sales in the U.S. and costs related to its closure of 600 underperforming stores led it to post a loss for its fiscal third quarter. The company also cut its guidance for the year and said it would open fewer stores in the U.S. and internationally, in both 2008 and 2009. But Starbucks kept its profit guidance intact for 2009, easing investors' fears about the economy's effect on the year ahead.
BUSINESS
February 9, 1999 | Bloomberg News
Starbucks Corp., the largest U.S. coffee retailer, and Time Inc.'s custom publishing division plan to produce a new magazine geared toward coffee drinkers. The first issue of the magazine, called Joe, will be sold exclusively at most of Starbucks' 1,800 North American retail locations beginning in June, with two more issues to appear later in the year. Seattle-based Starbucks said the magazine will be designed to appeal to readers who enjoy film, books, art, opinion, travel and popular culture.
BUSINESS
January 26, 2000 | (Reuters)
Starbucks Corp. said earnings for its fiscal first quarter will exceed earlier expectations. The Seattle-based company, which operates or licenses nearly 2,700 coffee shops worldwide, expects to post quarterly net earnings of 18 cents a share, 2 cents higher than the Wall Street consensus estimate of 16 cents, Starbucks Chairman Howard Schultz said at a company conference. In last year's first quarter ended Jan. 2, Starbucks reported earnings of $26.
BUSINESS
May 3, 2000 | Bloomberg News
The decline of almost one-third in Starbucks Corp. (SBUX) stock in April convinced analyst Robert Ohmes, who follows the company for Morgan Stanley Dean Witter & Co., that it's time to buy. Never mind that Bear Stearns & Co. cut its rating on the coffee retailer's stock to "neutral" last week, after release of the company's fiscal second-quarter earnings, and that Banc of America Securities downgraded the company to "market perform" a few days earlier.
BUSINESS
July 24, 2007 | From Times Wire Services
Starbucks Corp. will raise the price of drinks by an average of 9 cents a cup to counter higher costs for dairy products and coffee. The increases average 3% and will take effect July 31 at company-owned stores in the U.S., Starbucks said.
BUSINESS
July 2, 2008 | Andrea Chang, Times Staff Writer
Amid sagging sales, coffee chain Starbucks Corp. said Tuesday that it now planned to shut 600 underperforming U.S. stores, with the loss of about 12,000 jobs. The Seattle coffee giant had previously announced plans to shutter 100 stores. In ramping up the closures, company executives cited the need to change with the times. As consumers face higher gasoline and food prices, many are cutting back on extras such as the gourmet coffee drinks that made Starbucks famous.
BUSINESS
March 20, 2008 | From Reuters
Starbucks Corp. outlined long-awaited plans to turn around its business Wednesday, but a new coffee roast and loyalty program for frequent customers failed to excite investors, who sent its shares down 4%. Starbucks said it would woo cash-strapped consumers by roasting coffee a new way, investing in new espresso equipment and delving into new categories, such as the health and wellness business. Chief Executive Howard Schultz told investors that the U.S.
BUSINESS
February 15, 2008 | From Bloomberg News
Starbucks Corp. is experimenting with a $2.50 cup of coffee that would add a premium product to help fight the first drop in U.S. customer visits in its 37-year history. In Seattle, its hometown, Starbucks is testing a 12-ounce cup of "fresh-pressed" coffee at $2.50 each. The price is $2.25 in a Boston trial. Starbucks charges $1.55 for a regular brew. McDonald's Corp. has been stealing customers with $1.39 coffee and is challenging Starbucks by adding espresso counters.
BUSINESS
January 31, 2008 | From Reuters
Starbucks Corp. said Wednesday that it would close 100 underperforming U.S. stores and slow domestic openings in the face of a likely consumer recession and its own overbuilding. Its shares fell nearly 2% in after-hours trading. The coffee chain -- which is turning its focus to increasing its overseas business -- has been battered in recent months by slower consumer spending, higher milk and labor costs and concerns it may have saturated the U.S. market. Starbucks cut its forecast for 2008 U.S.
BUSINESS
January 8, 2008 | From the Associated Press
Starbucks Corp. said Monday that it was returning its chairman, Howard Schultz, to the chief executive's job to lead a major restructuring initiative, replacing Jim Donald. The move, coupled with plans to open new U.S. stores at a slower pace, comes as the world's largest chain of coffeehouses has seen its stock plummet 50% over the last year amid declining traffic in its domestic stores. Starbucks' announcement after regular markets closed sent the company's shares up $1.
BUSINESS
November 16, 2007 | From Times Wire Services
Starbucks Corp. lowered its profit and sales forecast Thursday after reporting its first decline in U.S. customer visits ever. Its shares fell 9% in after-hours trading. The profit revision suggests Starbucks is losing customers to McDonald's Corp. and Dunkin' Donuts, where a cup of coffee may cost $1 less. "Starbucks is saying what the rest of the U.S. is saying, that the consumer is getting hit," said James Walsh of Coldstream Capital Management. "They're not immune."
BUSINESS
July 24, 2007 | From Times Wire Services
Starbucks Corp. will raise the price of drinks by an average of 9 cents a cup to counter higher costs for dairy products and coffee. The increases average 3% and will take effect July 31 at company-owned stores in the U.S., Starbucks said.
BUSINESS
June 3, 2007 | From Times Wire Services
Starbucks Corp. said it would replace whole milk with 2% for espresso drinks in all of its U.S. and Canadian stores by the end of the year. Drinks in North America will soon be made by default with the lower-fat milk, but customers can still request whole milk, the company said. Starbucks said it made the switch based on increased requests from customers. A 16-ounce "grande" latte made with reduced-fat milk has 190 calories, compared with 260 calories in one made with whole milk.
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