Starbucks 2Q profit falls 77 percent on restructuring, but adjusted earnings beat estimates

Starbucks 2Q profit drops 77 percent

SEATTLE — Starbucks says its fiscal second-quarter profit dropped 77 percent because of big restructuring charges related to closing more than 120 cafes.

Seattle-based Starbucks Corp. said Wednesday net income fell to $25 million, or 3 cents per share, from $108.7 million, or 15 cents per share a year ago.

Excluding the charges, Starbucks earned 16 cents per share. Analysts expected 15 cents per share.

The gourmet coffee retailer says revenue fell 8 percent to $2.33 billion. Analysts predicted $2.36 billion.

Same-store sales fell 8 percent both worldwide and in the U.S. That’s better than the 10 percent decline in the U.S. the company reported for the previous quarter.

Starbucks is closing about 900 stores to cut costs and boost profits.