Starbucks profit up despite economic jitters

Starbucks Corp's quarterly profit rose slightly more than expected after the summer's economic jitters failed to dilute the coffee buying habits of customers at the world's largest coffee chain.

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The stock, which closed at $41.40, rose 2.6 percent to $42.66 in after-hours trade.

Fourth-quarter net income hit $358.5 million, or 47 cents per share, including gains of 10 cents per share, the company said Thursday. In the year-earlier quarter, Starbucks made a profit of $278.9 million, or 37 cents per share.

Excluding the gain, earnings of 37 cents were a penny better than analysts' average estimate according to Thomson Reuters I/B/E/S.

Total revenue rose almost 7 percent to $3.03 billion for the quarter ended Oct. 2.

Global sales at cafes open at least 13 months jumped 9 percent, better than the 6.5 percent gain analysts, on average, had expected according to Thomson Reuters data.

Same-restaurant sales at U.S. cafes, which account for about four-fifths of its revenue, rose 10 percent. Sales at established international cafes rose 6 percent.

Seattle-based Starbucks, like Chipotle Mexican Grill and Whole Foods Market Inc, is focused on selling premium products to relatively more affluent consumers -- who are driving robust same-store sales gains.

Starbucks stood by its forecast calling for a 15 to 20 percent increase in earnings per share for fiscal 2012, or $1.75 to $1.82, and a 10 percent increase in revenue. That forecast is based on mid-single digit comparable store sales growth and the opening of 800 net new stores.

Copyright 2011 Thomson Reuters. Click for restrictions.

Source: http://today.msnbc.msn.com/id/38740470/ns/business-us_business/

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