05/08/2008 05:12 am ET Updated May 25, 2011

Starbucks Profits Drop 28 Percent

Facing an increasingly stingy consumer, Starbucks is tightening its belt.

With profit down 28 percent, Starbucks said it would open fewer new stores in the United States, slash expenses and sell better-tasting coffee in the face of a troubled economy that is leaving some consumers with less discretionary income.

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