Starbucks Corp on Wednesday posted a quarterly profit excluding items that fell less than analysts expected, as cost savings helped offset an 8 percent drop in sales.

The coffee chain, which has been slashing costs to compensate for declining customer visits, has already announced plans to close almost 1,000 stores around the world to adjust to lower consumer demand.

Net income for its fiscal second quarter, ended March 29, fell to $25 million, or 3 cents per share. A year earlier, the Seattle-based company reported a profit of $108.7 million, or 15 cents per share.

Excluding restructuring charges, Starbucks earned 16 cents a share, compared with the 15 cents a share analysts, on average, expected, according to Reuters Estimates.

Total revenue fell 7.6 percent to $2.3 billion. Sales at stores open at least 13 months dropped 8 percent due to a 5 percent decline in the number of customer transactions and a 3 percent fall in average sales.

Starbucks shares fell about 1 percent to $13.55 in extended trade. Shares have gained about 45 percent so far this year.

(Reporting by Lisa Baertlein)

Down