On Wednesday, I linked to information about McDonald's premium coffee efforts. Today, some interesting news on the firm that kickstarted the coffee fad in the U.S., Starbucks.
The good news is that firms profits are up 35 percent over last year. The bad news is that foot traffic is down at its U.S. stores. As as result, it's cut back on its projected openings for next year by 100.
The 1 percent drop in traffic at stores open at least 13 months marked the first time the company has seen such a decline, and it helped send Starbucks shares down nearly 8 percent in after-hours trading Thursday.
While sticking to its ambitious goal of having 40,000 stores worldwide, Starbucks plans to open 100 fewer U.S. stores in fiscal 2008 than originally forecast, one of several moves aimed at improving operations.