Starbucks’ profit increases eight times
With the increase in demand from the customers and with cutting the cost, Starbucks profit increased more than eight times in the second quarter.
With expanding its market to international level and selling the products outside its own stores, the profits of the company has climbed to $217.3 million as compared to previous year profit which was only $25 million due to heavy charges.
Revenue increased from $2.33 billion to $2.53 billion, indicated a rise of 9 percent.
The profit figures of coffee chain, Starbucks beat the Wall Street forecasts.
Starbucks increased its annual adjusted profit forecast from $1.19 to $1.22 per share.
According to CEO, Howard Schultz, "Starbucks' second-quarter results demonstrate the impact of innovation and the success of our efforts to dramatically transform our business over the last two years."
The profit of Starbucks rises consecutively for the fourth quarter.
Starbucks shares jumped to $25.81 in after-hours trading on Wednesday.
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