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Starbucks Corp. (SBUX-Q) reported higher quarterly profit on Thursday, but cut its outlook for the current quarter citing the economic weakness around the world.
Net income grew to $333.1 million US, or 43 cents per share, for the fiscal third-quarter ended July 1, from $279.1 million, or 36 cents per share a year earlier.
The company lowered its fiscal fourth-quarter earnings forecast to "reflect the difficult economic environment all global retailers are confronting today," Chief Financial Officer Troy Alstead, said in a statement.