Starbucks blames profit drop on changes to accounting

first_imgStarbucks has blamed a 6% drop in international profits for the three months to 31 October on new accounting measures.The group announced profits of $117m (£62m) in the quarter, compared to $124m during the same period in 2005.Starbucks said its revenue had risen 22% to $7.8bn for the full year, leading to overall earnings of $564mn, an increase of 14%. Sales at outlets that had been open for at least a year increased by 5%.Jim Donald, president and chief executive, said the fall in profits was due to two new accounting measures. Starbucks delivered “strong operating results”, opening 2,199 stores worldwide, he said.”We opened a record number of new stores around the world, which contributed to strong top line growth, and we enhanced and expanded our product offerings.”There are over 11,000 Starbucks outlets worldwide, including 520 outlets in the UK and Ireland.last_img read more

The Nelson Daily Team of the Week: LVR Bombers Swim Team

first_imgSmall in numbers, but big in heart and enthusiasm is the reason the L.V. Rogers Bombers Swim squad garners Team of the Week status for this week. The Bomber four finished with some impressive results at the Kootenay High School Swim Championships last week at the Nelson and District Community Complex Pool.The Bombers squad includes, from left, Becky Afford, Devyn Parker, Niallan Collier and Kevin Milde. Team sponsor Dave Afford is hopeful all member of the team will be front and center when the curtain rises on the B.C. High School Speed Swim Championships November 19-20 at the Aquatic Centre in Nanaimo.last_img