Starbucks continues to be battered by the recession and the growing frugality of consumers worldwide. The latest data from Yahoo Finance:
NEW YORK (AP) — Starbucks warned Wall Street on Thursday that its profit would fall short of analysts’ expectations this quarter during a conference that began with Chief Executive Howard Schultz trying to assuage concerns about the recession’s effect on the coffee retailer.
Chief financial officer Troy Alstead said same-store sales have deteriorated 9 percent in the U.S. since the company’s fiscal first quarter began at the end of September.
Investors had hoped the 8 percent decline in U.S. sales that Starbucks reported for its fourth quarter compared with the same period a year earlier would be the company’s worst drop.
I also have to report that my low-tech espresso maker is still going strong. I made myself a latté this morning and had an espresso (yes, I need my caffeine). I can now say that I have paid off my investment and that I can now break free of the cafés. I can now brew my own.