UPDATE: Starbucks swings back to profit in 3Q

SEATTLE Cost-cutting, improved margins and better-than-expected same-store sales, although still negative, helped Starbucks Corp. swing to a profit in its third quarter — results analysts are calling the company’s most “solid all-around” performance since 2007.

“The transformation of Starbucks is well underway,” declared Howard Schultz, chairman, president and chief executive of the 16,729-unit chain, on Tuesday in a conference call with analysts.


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