Nov. 16 (Bloomberg) -- Starbucks Corp., the world's largest chain of coffee shops, fell the most in six years in New York trading after the company lowered its profit and sales forecasts following a first-ever decline in U.S. customer visits.
The stock declined $1.99, or 8.3 percent, to $22.11 at 11:51 a.m. in Nasdaq Stock Market composite trading, the biggest decline since November 2001. The shares have lost 32 percent this year before today.Starbucks raised prices by an average of 9 cents a cup in July, causing U.S. customers who face higher food, fuel and housing expenses to go to McDonald's Corp. and Dunkin' Donuts LLC for cheaper coffee. Wal-Mart Stores Inc. is among the few retailers to benefit from shoppers seeking lower-cost alternatives after reducing its prices ahead of the holidays.
Friday, November 16, 2007
NOOOOOOOOOOOOO!
My neighborhood still doesn't have a Starbucks!
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