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Starbucks sees bigger hit from foreign exchange this year

Reuters

(Reuters) - Starbucks Corp (SBUX.O) on Thursday said foreign exchange will take a bigger bite out of revenue and earnings this year than it had forecast.

The world's biggest coffee chain now expects a full-year foreign exchange hit of 2 percentage points on both earnings and revenue. Previously, Starbucks had expected foreign exchange to reduce earnings and revenue by 1 percentage point, Chief Financial Officer Scott Maw told Reuters.

Strength across Starbucks' businesses is offsetting that drag, Maw said.

As a result, the company on Thursday stood by its fiscal 2015 revenue growth forecast of 16 percent to 18 percent and its call for full-year earnings, excluding items, of $1.55 to $1.57 per share.

(Reporting by Lisa Baertlein in Los Angeles; Editing by David Gregorio)