Starbucks beats on stronger sales, lower costs
Starbucks profit climbs 25 percent on stronger sales, lower coffee costs
NEW YORK (AP) -- Starbucks says its profit climbed 25 percent in the quarter as caffeine-addicted customers helped boost sales and the company paid less for coffee costs.
The results topped Wall Street expectations and Starbucks' shares were up almost 7 percent in aftermarket trading.
The Seattle-based chain, which has more than 19,000 locations around the world, said global sales rose 8 percent at cafes open at least 13 months. In its flagship U.S. market, the figure rose 9 percent.
For the quarter, Starbucks Corp. earned $417.8 million, or 55 cents per share. That's up from $333.1 million, or 43 cents per share, a year ago.
Analysts on average expected 53 cents per share.
Revenue rose to $3.74 billion, more than the $3.72 billion analysts had forecast.
