Profit was up at two Northwest companies in today’s earnings announcements, though one did far better than the other.
According to The Associated Press, Starbucks Corp. said Wednesday its fiscal first-quarter profit rose by less than 2 percent, and it detailed plans to open fewer domestic stores and more overseas to revitalize the coffee house chain.
During fiscal 2008, the company plans to open about 425 fewer domestic stores and 75 more overseas than previously planned, for a global total of 2,150 new stores. The company also plans to close about 100 poorly performing stores in the United States.
Chairman and Chief Executive Howard Schultz said the slowdown in U.S. growth will allow the company to make better use of its time, money and staff and could ease reduce "cannibalization" of existing stores.
And also from The Associated Press: Amazon.com Inc. said Wednesday its fourth-quarter profit more than doubled, helped by fast-growing international sales.
The Web retailer also issued better-than-expected guidance and appeared unconcerned about a possible recession.
Amazon’s earnings in the crucial holiday quarter climbed to $207 million, or 48 cents per share, from $98 million, or 23 cents per share, in the same period last year.