Starbucks Posts Profit, But Sales, Traffic Still Low
STEVE INSKEEP, host:
NPR's business news starts with Starbucks grinding out a profit.
(Soundbite of music)
INSKEEP: The giant coffee retailer says it made about $150 million in the most recent quarter. Its stock price rose on that news although this does not exactly mean the economy is percolating again. Like many other companies Starbucks profits are largely a result of corporate cost cutting. Sales and customer traffic at Starbucks stores are still lower than they were at this time last year. The company reduced costs though by laying of workers and shutting down hundreds of shops.
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