SEATTLE -- Starbucks is reporting that its profit dropped 69 percent in its fiscal first quarter and it plans to close more stores and cut more jobs.





The company says it will close 300 underperforming stores in addition to the 600 it already planned to close in the U.S.

The closures could result in the loss of 6,000 jobs. Starbucks will also lay off about 700 non-store employees. More: Decaf only by request after noon

The Seattle-based retailer said Wednesday that its net income fell to $64.3 million, or 9 cents per share, from $208.1 million, or 28 cents per share a year earlier.