FRANKFURT (Thomson Financial) - Starbucks Corp.'s Chief Executive Howard
Schultz said the company "is not facing a sprint, but a marathon" to regain its
former strength, he told Frankfurter Allgemeine Zeitung in an interview.
In April, the company said its fiscal second-quarter profit fell 28 percent
as U.S. consumers responded to rising food and gas prices by making fewer latte
runs.
Given the shrinking customer numbers in the United States, the foreign
expansion gains further importance in the company's strategy.
"The international business is currently compensating for the weakness in
America," Schultz said.
Over the next three years, the company aims to increase sales abroad by an
annual 20 percent, while the company is only expecting 6 percent in its domestic
market.
Only last week, the company said it has reached a licensing agreement with
food and beverage concessions company SSP to open coffee retail stores in more
than 150 airports and train stations in Europe.
Under the terms of the agreement, the stores are expected to open within the
next three years.
christoph.steitz@thomsonreuters.com
cs1/slj
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