Starbucks Serves Up A Profit
In an exclusive interview with Maria Bartiromo, Starbucks Chairman and CEO Howard Schultz outlined how the coffee-shop chain doubled its fourth-quarter net income to $399.3 million.
On Closing Bell, Schultz told Bartiromo "this is the strongest revenue quarter for Starbucks ever" and that Starbucks is "really firing on all cylinders." When asked about coffee prices, Schultz told Bartiromo "this is the first time we've seen coffee prices artificially soar."
In response to that, Schultz said the company has been very careful not to raise prices.
On expansion, Schultz said "Starbucks will open 500 stores in 2011, mostly international" and that Starbucks growth in China is so strong he can't put a number on it.
You can watch the full interview here.
Donna Burton contributed to this article.
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