The company will focus on increasing profits in its existing stores and marketing consumer products outside its retail network such as the Starbucks VIA Ready Brew instant coffee it launched earlier this month.
The company intends to cut $500m in costs in 2009 and focus on "meeting customers' needs for value and quality."
"We've also been putting our feet into the shoes of our customers and are responding directly to their needs," said Schultz. "Our customers are telling us they want value and quality and we will deliver that in a way that is both meaningful to them and authentic to Starbucks."
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