Was2510759There may not be a Starbucks on every corner any more, but customers are finding their way back into the upscale coffee retailer’s stores. The company recently boosted its forecast for 2010 after the coffee retailer announced that its profit surged in the quarter that ended March 28, topping Wall Street forecasts.

Over the past two years, Starbucks cut costs by closing hundreds of stores, trimming its workforce, overhauling its food menu and adjusting drink prices. The changes finally took hold last quarter, when the company reported a profit that quadrupled its earnings from a year earlier.

The world’s largest coffee chain reported earnings of $217.3 million, or 28 cents per share. Stripping out restructuring charges, Starbucks posted an adjusted profit of 29 cents per share.Analysts polled by Thomson Reuters, who typically exclude one-time items from their forecast, were looking for earnings of 25 cents per share.

Sales jumped 9% to $2.5 billion, beating analysts’ expectations of $2.4 billion.

Full story http://money.cnn.com/2010/04/21/news/companies/Starbucks_earnings/

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