Starbucks might need a bailout...just kidding.. - Mercedes-Benz Forum

 
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post #1 of 8 (permalink) Old 11-24-2008, 06:47 PM Thread Starter
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Starbucks might need a bailout...just kidding..

Starbucks sees tough times ahead

By Jim Jelter, MarketWatch
Last update: 8:31 p.m. EST Nov. 24, 2008Comments: 1SAN FRANCISCO (MarketWatch) -- Starbucks issued yet another warning to shareholders Monday, letting them know just how tough the business of selling high-end coffee has become in a world headed toward what it said looks to be a severe economic recession.
Layoffs, tighter consumer credit, higher food prices and a growing number of home foreclosures -- especially in its key California and Florida markets -- have carved deeply into consumer confidence, the Seattle-based company said in a late-day filing with the Securities and Exchange Commission.
"As a retailer that is dependent upon consumer discretionary spending, the Company expects to face an extremely challenging fiscal 2009 because of these economic conditions," it said.
For fiscal 2009, which began Sept. 29, Starbucks said it expects to see a drop in sales at coffee shops that it opened at least a year ago, extending a trend already evident in 2008.
The company also warned another round of restructuring might be in the cards to stem any further decline in its own financial performance.
Starbucks predicted 2009 earnings will be hit by lease termination and severance costs at its U.S. and Australian stores totaling up to 12 cents a share. It also estimated that combined U.S. and Australian store closures and job cuts will add up to $210 million, or 17-18 cents a share, to its 2009 pre-tax operating income.
The company said it expects to end the year with 20 fewer stores in the U.S. while adding another 700 overseas, two-thirds of which will likely be operating under license. Starbucks currently operates and licenses about 16,680 stores worldwide.
On Nov. 10, Starbucks (SBUX:Starbucks Corp
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SBUX 8.40, +0.57, +7.3%) reported a fourth-quarter net profit of one cent a share. Excluding one-time items, most of them linked to restructuring costs, the company's per-share profit was 10 cents, compared with 21 cents a share a year earlier. See full story.
At the time, Chief Executive Officer Howard Schultz said October store traffic had improved. But further deterioration of the economy and mounting financial anxiety among consumers has made it extremely difficult to sustain the trend.
Starbucks shares closed Monday at $8.45 but fell 42 cents to $8.03 in after-hours trade. The stock is down about 63% over the past 12 months.
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post #2 of 8 (permalink) Old 11-24-2008, 07:39 PM
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When I bought in as the market was falling, this was one stock I didn't consider. They're oversaturated as it is, even as much as I go there.

When I was in the City a couple of weeks ago I was in a Starbucks and literally, right across the street, two sidewalks and three one-way lanes away, was another. They need to scale back, at least in some places.

Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy; its inherent virtue is the equal sharing of misery. (Winston Churchill)
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post #3 of 8 (permalink) Old 11-24-2008, 09:34 PM
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I share his sentiments, but not his taste in headwear.


YouTube - Starbucks stick it up your @## . Thanks Big Man

"Religion is regarded by the common people as true, by the wise as false, and by the rulers as useful" - Seneca
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post #4 of 8 (permalink) Old 11-24-2008, 10:42 PM
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How did they ever con anyone to pay for their overpriced coffee ?
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post #5 of 8 (permalink) Old 11-24-2008, 11:05 PM
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How did they ever con anyone to pay for their overroasted coffee ?

"Religion is regarded by the common people as true, by the wise as false, and by the rulers as useful" - Seneca
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post #6 of 8 (permalink) Old 11-25-2008, 01:22 AM
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How did they ever con anyone to pay for their shit dishwater ?

fixed that for you

Ross

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post #7 of 8 (permalink) Old 11-25-2008, 07:29 AM
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How did they ever con anyone to pay for their overpriced coffee ?

I have NEVER drank coffee or tea, just did not float my boat when i was young, Mom and Dad had it all over the kitchen but I never even tasted it, smelled it once but that was it. But I did suck down a venti Caramel Hot Chocolate today at Starbucks which cost me about 3.50 USD at todays exchange rate. Probably do it tomorrow as well as I have another business meeting tomorrow with another associate then and as well on Thursday and 2 on Friday. Starbucks here are great for business meetings when I do not want to put on a long pair of pants and go in to a formal office. The Indo's could care less as long as I do what I say I am going to do.
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post #8 of 8 (permalink) Old 11-25-2008, 10:09 AM
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Starbizzle coffee $1.60
Coffee maker at work $0.75
Reusing a week old Starbucks cup for $0.50 refills Priceless!






3. Paul Hamm, Gymnast: I owe a lot to my parents, especially my mother and father.
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