Starbucks profit climbs following strong performance of US cafes

The Seattle-based coffee chain said Thursday its profit rose 13 percent in the latest quarter in line with Wall Street expectations. Results were boosted by a 6-percent increase in global sales at cafes open at least a year, a key metric of health.

The performance reflects the sharp turnaround Starbucks has made since its struggles during the recession. After bringing back founder Howard Schultz as CEO in 2008, the company embarked on a massive restructuring effort that included closing underperforming stores in the U.S. Going forward, Schultz has noted that the company has the flexibility to keep growing even through a turbulent economy because most people see Starbucks as an “affordable luxury.”

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