When the recession reached its peak during 2008, Starbucks was caught off guard.
Fourth quarter sales plummeted for the year, and profits fell 97 percent as Americans opted for cheaper java options.
A year later, however, it’s a different story.
The company not only tripled its year-over-year profits during fourth quarter 2009, but plans to open 100 new stores in the U.S. and another 200 overseas before year’s end.
The turnaround is attributed to three initiatives, closing hundreds of under-performing stores, teaming with employees to shave $600 million in operational costs and improving their customer service.
The company also acquired a competitor, Seattle’s Best Coffee last year.
There are more than 35 Starbucks stores or in the Pikes Peak region, including grocery store kiosks.