JAPAN: Starbucks slashes full-year forecast from profit to loss
Starbucks Coffee Japan has significantly cut its full-year net forecast to a net loss of ¥500m (US$4.1m) from a previous forecast of a ¥950m net profit. The company, which is the Japanese unit of US coffee giant Starbucks, attributed the fall in profits to a cooling off of sales at its stores, but denied that the new forecast would have a major effect on its plans for expansion. The company plans to increase its 416 stores in Japan to 500 by September 2003.
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