Starbucks Corp., the world’s biggest coffee-shop operator, forecast second-quarter profit that fell short of analysts’ estimates as it projected paying more for coffee.
Net income will be as much as 33 cents a share, the Seattle-based company said today in a statement. Analysts expect 35 cents, the average of 18 estimates compiled by Bloomberg.
“We are seeing coffee cost increases alone which are penalizing our profit and loss in 2011 by about 20 cents per share,” Chief Financial Officer Troy Alstead said in a telephone interview.
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