Tags: Starbucks | quarter | profit | gain

Starbucks Logs Higher Profit, Raises Forecast

Thursday, 25 Apr 2013 04:17 PM

Starbucks Corp. reported higher quarterly profit on Thursday that matched Wall Street estimates and it raised its full-year earnings forecast.

The world's biggest coffee chain cited strength in the United States, its top market, despite an industry-wide spending downturn in February due to a U.S. payroll tax increase that lowered take-home pay.

Still, Starbucks shares fell 2.5 percent in after hours trading, after rising 1.1 percent during the regular session to close at $60.50.

Starbucks said net earnings rose to $390.4 million, or 51 cents per share, in the fiscal second quarter that ended on March 31 from $309.9 million, or 40 cents per share, a year earlier.

Excluding a 3 cent-per-share gain on the sale of its stake in a Mexican venture, earnings were 48 cents per share, matching analysts' average estimate, according to Thomson Reuters I/B/E/S.

Revenue rose 11 percent to $3.56 billion.

The company said it expects earnings of $2.12 to $2.18 per share this year, up from a prior target range of $2.06 to $2.15.

© 2017 Thomson/Reuters. All rights reserved.

   
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Starbucks Corp. reported higher quarterly profit on Thursday that matched Wall Street estimates and it raised its full-year earnings forecast.
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2013-17-25
Thursday, 25 Apr 2013 04:17 PM
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