Enter multiple symbols separated by commas

Starbucks Posts Loss; Shares Rise On Store Cuts

Oliver P. Quillia for cnbc.com

Starbucks said it would close more stores than it would open next year, sending shares up nearly 5 percent even as it posted its first quarterly net loss since it went public in 1992.

The U.S. based coffee chain said it now expects to have a net decrease of 60 stores in the United States, good news for investors who feel that the company has too many stores.

Starbucks reported a fiscal third-quarter net loss of $6.7 million, or 1 cent per share, compared with a year-earlier net profit of $158.3 million, or 21 cents per share.

Results from the most recent quarter included 17 cents in charges primarily related to store closures and restructuring.

Excluding the charges related to closing U.S. stores, Starbucks had a per-share profit of 16 cents, lagging the 18 cents average Wall Street target, according to Reuters Estimates.

Total revenue rose 9 percent to $2.6 billion from $2.4 billion.

Starbucks shares rose to $15.36 from their Nasdaq close of $14.67.

Over the last year, Starbucks shares have lost more than 45 percent of their value.

Contact Earnings


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.