Starbucks Corp. reported that second-quarter earnings fell to $25 million, or 3 cents per diluted share, from $108.7 million, or 15 cents per share a year earlier.

Net revenues fell to $2.3 billion from $2.5 billion in 2008.

The Seattle coffee giant (NASDAQ: SBUX) said it recorded one-time restructuring charges of $152.1 million in the quarter that were partly associated with closing 123 company-operated stores in the U.S. Last year and earlier this year, Starbucks said it would close about 800 company-operated stores in the U.S. and so far, it’s closed 507 U.S. stores. The U.S. store closings saw U.S. total net revenues fall 6.8 percent to $1.8 billion.

Comparable store sales (stores open a year or more) fell 8 percent in the quarter, which Starbucks attributed to a 5 percent drop in the number of transactions and a 3 percent drop in the average value per transaction.

In fiscal 2009, Starbucks said it plans to add 20 net new stores to its global store base. It will close 425 company-operated stores in the U.S. and add 60 new international stores. It will open 65 new licensed stores in the U.S. and about 320 stores internationally.

“During the second quarter, we began to see signs of traction from the cost reduction and customer-facing initiatives we’ve undertaken over the past year,” said Howard Schultz, CEO, chairman and president, in a statement.

Puget Sound Business Journal