Starbucks warned last night that 2009 would be a very tough year.
“As a retailer that is dependent upon consumer discretionary spending, the Company expects to face an extremelychallenging fiscal 2009 because of these economic conditions.”
Starbucks did say that it expects to end 2008 with 20 fewer stores in the U.S. but expects to have added 700 storesoverseas.
We’ve heard this story many times — U.S. business stinks, Asian business isgreat.
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