Skip navigation
Earnings Video Gallery
A preview of the earnings announcements for the day, including HP, with Jayson Noland, Robert W. Baird sr. analyst and M...
Last week was "one of those short-term dips that turns out to be a buying opportunity," William Skeean from Edge Capital...
Some people have had a very good year and should be up 40-60% if they trailed the indices, Louis Gargour from LNG Capita...

As of Friday, November 20th:
The blended earnings growth rate for the S&P 500 for Q3 2009, combining actual numbers for companies that have reported, and estimates for companies yet to report declined to -13.8% from -13.7% in the previous day. As of October 1st, the earnings growth rate was at -24.7%.Of the 480 S&P 500 companies who have reported Q3, 79% beat estimates, 7% were in-line, and 14% were below estimates.  The blended earnings growth rate for the S&P 500 for Q3 2009 is currently at -13.8%. (Data provided by Thomson Reuters)

LATEST EARNINGS RESULTS


Current DateTime: 05:00:38 23 Nov 2009
LinksList Documentid: 29017166
Expiration DateTime: 11/23/2009 5:03:26 AM

Current DateTime: 05:00:39 23 Nov 2009
LinksList Documentid: 24355697
  • Runway Angels

      The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Fashion Show.

  • The Richest Members of the US Congress

      Recently, the Center for Responsive Politics found that there are 237 millionaires in the US Congress.

  • 10 Tips to Get Out of Debt

      Renowned financial author Gail Vaz-Oxlade takes a tough-love approach to helping couples in a financial crisis to face reality.

FEATURED QUIZZES


Current DateTime: 05:00:39 23 Nov 2009
LinksList Documentid: 33793611
  • How Much Do You Know About Green?

      Green has become part of our everyday lives. Green is everywhere-- energy, clothing, food, housing, transportation. It's a big business and a global business.

  • The Billionaire BFF's

      Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?

  • The Many Myths of Coca-Cola

      Can you tell which statements are true, and which ones are just rumors?


Current DateTime: 05:00:39 23 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
Starbucks Profit Falls, Misses Expectations
By: AP | 10 Nov 2008 | 05:24 PM ET
Text Size

Fewer U.S. customers and venti-sized costs for closing poorly performing stores led to lower sales and profit in the fourth quarter at Starbucks, the company said Monday.

Seattle-based Starbucks said profit fell 97 percent to $5.4 million, or a penny a share, from $158.5 million, or 21 cents per share, a year earlier. The coffee retailer earned 10 cents per share when the costs from closing about 600 stores in the U.S. and 61 locations in Australia are excluded.

Analysts expected profit of 13 cents per share, according to a poll by Thomson Reuters.

Shares of Starbucks [SBUX  Loading...      ()   ] declined more than 3 percent in extended trading after finishing the regular session at $10.20.

Starbucks began shutting the U.S. and Australian stores this summer as part of a campaign to reverse slowing sales and falling profits at the company. That turnaround began at the start of the year when former Chief Executive Howard Schultz took back the reins of the company to again fill the CEO and chairman posts.

Besides closing the stores, Starbucks has cut more than 1,000 positions—many of which were unfilled—and introduced a slew of new products, including Vivanno smoothie drinks and breakfast pastries.

Starbucks

The company also replaced aging espresso makers and launched new single-cup Clover brewing machines in some markets.

But all the changes did little to boost sales in the fourth quarter, particularly in the U.S, where the turmoil in the economy during the summer months took a gulp out of consumer spending.

Revenue rose 3 percent to $2.52 billion from $2.44 billion. Analysts expected sales of $2.58 billion. Same-store sales, or sales at locations open at least a year, dropped 8 percent in the U.S. as fewer customers came into the stores.

Those that did also spent less, the company said. Same-store sales were flat overseas.

Despite the sales slowdown, Schultz said the company was doing what it needed to get back on track.

"We appear to be more resilient than many other premium brands," Schultz said in a statement. "And while we cannot call isolated signs of improving sales a trend, we are encouraged by our ability to drive increased traffic at a relatively low cost, as we did on Election Day" when the company offered customers a free "tall" drip coffee.

For the 2008 fiscal year, Starbucks earned $315.5 million, or 43 cents per share, down from $672.6 million, or 87 cents per share, in 2007. Revenue rose to $10.38 billion from $9.41 billion.

Starbucks said it expects 2009 profit excluding one-time costs between 71 cents and 90 cents per share depending on how steeply same-store sales decline during the year. Analysts predict profit of 87 cents per share for the year.

The company also said it will open about 700 net new stores overseas during the fiscal 2009 year. In the U.S., the company said it will close about 225 stores and open 205 new ones.

- CNBC.com staff contributed to this report.

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Tools:
Print EmailAdd This share icon

Current DateTime: 05:00:40 23 Nov 2009
LinksList Documentid: 29016957
Expiration DateTime: 11/23/2009 5:01:57 AM

Current DateTime: 05:00:40 23 Nov 2009
LinksList Documentid: 29017287
Expiration DateTime: 11/23/2009 5:01:27 AM


Current DateTime: 01:36:01 23 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 01:00:10 23 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 01:45:44 23 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 01:00:11 23 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters