The ratings on Seattle-based Starbucks Corp. are based on it leading market position and excellent brand recognition in the specialty coffee market, as well as a history of strong cash flow generation. These strengths are tempered by weak top-line growth compared with historical levels because of the still-sluggish U.S. economy. Starbucks' aggressive expansion drove sales growth historically, with net revenues increasing 10% in fiscal 2008 after a 21% increase in fiscal 2007, and 22% growth in fiscal 2006. However, revenues declined 6% in fiscal 2009 on a net reduction of 474 company-owned stores in the U.S., a net addition of 89 company-owned stores internationally, and a 6% decrease in global comparable-store sales. Future store growth is likely to be focused
