(Reuters) - Starbucks Corp on Thursday posted a bigger than expected jump in
quarterly profit after new "Refresher" fruit beverages and seasonal Frappuccino
iced drinks helped drive more visits to its shops in the United States, its top
market.
The world's biggest coffee chain also raised its full-year profit forecast,
sending shares soaring almost 6 percent in after-hours trade.
Seattle-based Starbucks is a top destination for consumers with ample cash to
spend on $3 to $5 lattes and other premium coffee drinks. As a result, it has
withstood the economic weakness crimping fast-food chains and other operators
better than some other companies.
McDonald's Corp and Panera Bread Co were among the chains hit by the summer
swoon.
Starbucks' net earnings for the fiscal third quarter that ended on June 30
increased more than 25 percent to $417.8 million, or 55 cents per share, to beat
analysts' average forecast by 2 cents per share, according to Thomson Reuters
I/B/E/S.
Global sales at Starbucks cafes open at least 13 months jumped 8 percent,
versus the 5.8 percent average increase analysts' expected, according to
Consensus Metrix.
In the U.S.-dominated Americas region, which contributes about three-quarters
of Starbucks' revenue, same-store sales were up 9 percent, far better than
analysts' average estimate for a 6.1 percent rise.
Same-store sales also increased 9 percent for China and Asia Pacific and 2
percent for the Europe, Middle East and Africa region, an area that has
struggled to grow.
Based on results from the latest quarter, Starbucks boosted its full-year
forecast to $2.22 to $2.23 per share from a previous range of $2.12 to $2.18 per
share.
Starbucks shares were up 5.9 percent at $72.19 in extended trading late on
Thursday.
(Reporting by Lisa Baertlein in Los Angeles; editing by Matthew Lewis)
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