Starbucks Profit Beats Expectations

January 29th, 2012 by James

SStarbucks Profit Beats Expectationstarbucks Corp reported a quarterly profit that topped view of the Wall Street but it was not enough to save its shares that fell as investors in the world’s biggest coffee chain focused on softness in Europe rather than strength in the United States.

Shares of the company up roughly 45 percent from a year ago and hovering near all-time highs, were off 2.2 percent at $47.26 in extended trading after closing at $48.34.

Starbucks has been underperforming internal targets in Europe where high unemployment and debt worries weigh heavily on consumers and the company has taken steps for improving results there, Chief Financial Officer Troy Alstead said on a webcast.

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