Starbucks' 4Q Profit Down 97%, Same-Store Sales Drop 8%
It looks like I'm not alone in moving on from Starbucks. The food there is terrible and the stores are really starting to look shoddy. Personally I've taken my coffee drinking business (which, I admit is substantial) to a local place called Artigiano.
CHICAGO (AdAge.com) -- Restructuring costs took a bite out of Starbucks' fiscal fourth-quarter and full-year profits, the retailer reported today. Fourth-quarter earnings plummeted 97%, to $5 million, from $159 million in the year-ago period. The figure includes a $105 million charge for restructuring, and other costs associated with the company's turnaround plan. Full-year earnings also fell, 53%, to $316 million, from $673 million last year.