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Starbucks profit up 12%; 1,300 stores on tap for 2013
Seattle -- Starbucks Corp. said its profit rose in its first quarter as customers spent more at its stores in the United States and Asia.
Starbucks earned $432.2 million in the quarter ended December 30, 2012, compared with $382.1 million in the year-ago period.
Revenue rose 11% to $3.8 billion, slightly below expectations.
The company reported that global same-store sales rose 6%. In Europe, the metric fell 1%. Americas’ comparable store sales grew 7%. Same-store sales in the China/Asia Pacific region grew 11%.
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Lowe’s makes management shifts
Mooresville, N.C. -- Lowe’s Cos. Inc. said Thursday it has named Michael Jones chief merchandising officer, effective immediately. Jones was previously president of the North American and Latin American divisions of Husqvarna, an outdoor equipment manufacturer.
The retailer also announced that Stephen J. Szilagyi has been promoted to supply chain executive, from his current position as SVP distribution.