Starbucks (SBUX). The Seattle-based coffee giant said late Wednesday first-quarter net earnings rose to $208.1 million, or 28 cents a share, up 1.5% from $205 million, or 26 cents a share, in the same period a year earlier. The latest results were hurt by incremental interest expense related to the company's inaugural senior notes offering during the fourth quarter of 2007, the company said. Net revenue for the first quarter ended Dec. 30 rose 17% to $2.77 billion.
For 2008, Starbucks said it expects "low double digit" per-share profit expansion, citing "continued macroeconomic weakness." The company said it has slowed the pace of store growth in the United States to about 1,175 stores in 2008, down from a revised target of 1,600 stores. It also has increased the store opening target in international markets to about 975 stores.
The stock is down nearly $1 to $18.29 premarket.
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