Starbucks shares were essentially flat in afternoon trading, off earlier highs. The stock traded in a range of $32.12 to $32.66 on Wednesday. Analyst David Palmer noted that his new earnings estimates "reflect an acceleration of international unit growth, a reacceleration of U.S. unit growth, and the insourcing of the company's bagged coffee business in
In 2008, Starbucks closed 600 stores in the U.S. it said were not profitable, many of which had been open just a few years, ending a period of rapid expansion. In the same year, the company opened 1,669 stores, according to its website. In fiscal 2009, Starbucks closed 45 stores, and then opened 223 in fiscal 2010, which ended Oct. 3. The coffee shop behemoth is not only looking to
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