SEATTLE (AP) — Starbucks Corp.'s said Wednesday that its second-quarter net income jumped 20 percent as more customers visited its stores, and it bumped up its earnings forecast for the year.
The coffee giant said it earned $261.6 million, or 34 cents per share, for the quarter that ended April 3 — meeting analysts' average expectations. That's up from the $217.3 million, or 28 cents per share, earned in the same quarter last year.
Revenue rose nearly 10 percent to $2.79 billion — beating expectations for $2.73 billion, according to FactSet.
Starbucks said the underlying health of its business has never been better, that despite the challenges of higher costs and a weak economy, and the results showed the company's strength.
The company, based in Seattle, now expects to earn $1.46 to $1.48 per share for the year.
But that's just short of Wall Street's average forecast for $1.49 per share, and Starbucks shares dipped 69 cents to $35.92 in after-hours trading.
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