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Starbucks Q1 profit jumps 25%; sales miss
Seattle – Starbucks Corporation’s profit in the first quarter rose 25% to $540.7 million from $432 million in the year-ago period, better than analysts expected.
Revenue for the quarter ended Dec. 29, 2013 rose 12% to $4.24 billion from $3.79 billion. Same-store sales rose 5%, beneath Wall Street expectations of 5.9%.
Same-store sales in the Americas region also rose 5%, while analysts had expected a 6.4% increase.
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MRA says retailers didn’t have a very happy holiday
The Michigan Retailers Association (MRA) said that Michigan's retail industry had a poor holiday shopping season thanks to damaging winter storms and “outdated government policies that favor out-of-state online companies.”
Retailers posted only a 0.1% average increase over last holiday season, according to the Michigan Retail Index, a joint project of MRA and the Federal Reserve Bank of Chicago.