Business | Economy
Starbucks posts first quarterly loss in 15 years
The US coffee giant lost $6.7m in the second quarter of 2008, compared to a whopping $158.3m profit for the same period in 2007.
Seattle: Coffee giant Starbucks has announced its first quarterly net loss in more than 15 years.
The US company lost $6.7m in the second quarter of 2008, compared to a whopping $158.3m profit for the same period in 2007.
It has attributed the loss to the added costs of closing more than 600 stores and added that sales had risen by nine per cent.
Starbucks has been struggling as consumers turn their back on expensive brands in the US due to the slowdown in the economy.
Business Editor's choice
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
-
Banks can increase their share
Longer opening hours, more locations outside cities and lower charges can help
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE


