Starbucks: 4th-quarter net income nearly doubles

Associated Press
In this April 15, 2010 file photo, Starbucks Corp. CEO Howard Schultz smiles during a ceremony marking the 10th anniversary of the first open Starbucks coffee shop in Hong Kong. Starbucks Corp., releases quarterly earnings Thursday, Nov. 4, 2010 after the market close. (AP Photo/Kin Cheung, file)
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In this April 15, 2010 file photo, Starbucks Corp. CEO Howard Schultz smiles during a ceremony marking the 10th anniversary of the first open Starbucks coffee shop in Hong Kong. Starbucks Corp., releases quarterly earnings Thursday, Nov. 4, 2010 after the market close.

Starbucks says its fourth-quarter net income nearly doubled as revenue spiked, beating analyst estimates, and it raised its targets for fiscal 2011.

The world's largest cafe chain earned $278.9 million, or 37 cents per share, in the quarter ended Oct. 3. That compares with $150 million, or 20 cents per share, a year earlier.

Revenue rose 17.2 percent to $2.84 billion.

Analysts expected the company to earn 32 cents per share on revenue of $2.77 billion.

Revenue at stores open at least a year rose 8 percent in the U.S. and around the world. The figure is key for retailers because it excludes stores that opened or closed during the year.

The company now expects earnings per share of $1.41 to $1.47 for next year. Analysts expect $1.43 per share.

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