Mr Schultz said on Wednesday that the company not only will survive but it will thrive during the rest of the downturn.

During a webcast of the company's 18th annual shareholder meeting in Seattle, the CEO said Starbucks is still highly profitable and financially strong.

He says the company still has the trust of consumers around the globe.

The company has been battered this year by a declining stock price and a drop in US sales as consumers shied away from small luxuries like a US$4 (S$6) latte. --AP