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| Starbucks sees its profits triple | Starbucks sees its profits triple |
| (20 minutes later) | |
| Starbucks is continuing to prove that it has successfully turned its fortunes around as it sees its latest quarterly profits more than triple. | Starbucks is continuing to prove that it has successfully turned its fortunes around as it sees its latest quarterly profits more than triple. |
| The US coffee chain giant made a net profit of $241.5m (£148m) in the three months to the end of December, compared with $64.3m a year earlier. | The US coffee chain giant made a net profit of $241.5m (£148m) in the three months to the end of December, compared with $64.3m a year earlier. |
| Buoyed by extensive cost-cutting work over the past year, the firm has also won back customers in its home market. | Buoyed by extensive cost-cutting work over the past year, the firm has also won back customers in its home market. |
| Same store US sales rose 4%, their first rise in more than two years. | Same store US sales rose 4%, their first rise in more than two years. |
| Job cuts | Job cuts |
| Starbucks' total revenues for the quarter rose to $2.7bn from $2.6bn a year earlier. | Starbucks' total revenues for the quarter rose to $2.7bn from $2.6bn a year earlier. |
| We're extremely pleased with the progress we've made Starbucks chief financial officer Troy Alstead | |
| Its results beat market expectations. | Its results beat market expectations. |
| The firm has cut thousands of jobs and shut hundreds of under-performing stores over the past few years to trim costs. | |
| It has also introduced new, lower price coffees to win back customers temped away by cheaper rivals. | It has also introduced new, lower price coffees to win back customers temped away by cheaper rivals. |
| Starbucks chief financial officer Troy Alstead told the Associated Press news agency that the firm was "extremely pleased with the progress we've made". | |
| The company's turnaround has been led by founder Howard Schultz, who returned to the chief executive role in January 2008. | |
| He admitted at the time that the company had opened too many branches, which had resulted in stores taking business from each other, and the company's upmarket brand image being tarnished. |