Tags: Starbucks | coffee | sales | confidence

Starbucks Quarterly Sales Trail Estimates as US Growth Slows

Thursday, 23 Jan 2014 05:01 PM

Starbucks Corp., the world’s largest coffee-shop chain, posted first-quarter sales that trailed analysts’ projections as weakening consumer confidence slowed growth in the U.S.

First-quarter revenue rose 12 percent to $4.24 billion, the Seattle-based company said today in a statement. Analysts projected $4.29 billion, on average.

Chief Executive Officer Howard Schultz is pushing higher-quality baked goods and opening Teavana stores across the Americas to try to maintain sales growth. Sales at stores open at least 13 months rose 5 percent in the Americas region, which includes the U.S., Canada and Latin America. That trailed the 8 percent gain in the fiscal fourth quarter and the 6.4 percent average estimate of analysts compiled by Consensus Metrix.

Net income in the three months ended Dec. 29 increased 25 percent to $540.7 million, or 71 cents a share, from $432.2 million, or 57 cents, a year earlier. Analysts estimated 69 cents a share, according to the average of 29 projections compiled by Bloomberg.

Starbucks fell 0.5 percent to $73 at 4:08 p.m. in New York. The shares advanced 46 percent last year, compared with a 23 percent gain for the Standard & Poor’s 500 Restaurants Index.

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Starbucks Corp., the world's largest coffee-shop chain, posted first-quarter sales that trailed analysts' projections as weakening consumer confidence slowed growth in the U.S.
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2014-01-23
Thursday, 23 Jan 2014 05:01 PM
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