Reply #6: Starbucks to slash U.S. store openings [View All]

[ozymandius]

LOS ANGELES (Reuters) - Starbucks Corp said on Wednesday it would slash U.S. coffee store openings through 2011 to cut costs in the face of weak U.S. sales and to focus more on growth abroad.

The company, which warned last week of the worst economic environment in its history, said U.S. customer visits had slowed but estimated growth in international business profit margins over the next few years.

Investors and analysts have been pushing for Starbucks to cut plans for U.S. expansion.

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On Wednesday, the coffee shop chain posted fiscal second-quarter net income of $108.7 million, or 15 cents per share, compared with $150.8 million, or 19 cents per share, a year earlier.

http://news.yahoo.com/s/nm/20080430/bs_nm/starbucks_dc