Reaping the fruits of a remarkable turnaround, Starbucks Corp. (Nasdaq: SBUX) last week reported a 20% increase in profit just days after learning it had become the No. 3 restaurant chain in the United States.
Such achievements were virtually unthinkable back in 2008, when the coffee store chain's annual profits plummeted 53.1% to $315 million from $672.6 million the year before (Starbucks' fiscal year ends September 30).
But lately Starbucks has been on a winning streak.
"What they've done to turn the company around has been nothing short of remarkable," R.J. Hottovy, an analyst with Morningstar, told Retail Traffic. "They are very well positioned and I think there are still some growth opportunities for them out there."