Starbucks 1Q earnings up 18 percent |
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Wed, 31 Jan 2007 23:05
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SEATTLE (AFX) - Starbucks Corp. said Wednesday that its fiscal first-quarter profit climbed nearly 18 percent on a record number of store openings.For the 13 weeks ended Dec. 31, the world's largest specialty coffee retailer posted net earnings of $205 million, or 26 cents a share, compared with $174 million, or 22 cents a share, for the same period a year ago.Analysts polled by Thomson Financial were expecting profit of $202.6 million, or 26 cents per share.The Seattle-based company said comparable-store sales, those at stores open at least a year, grew 6 percent for the quarter. Starbucks also said it opened a quarterly record of 728 retail stores.Starbucks' revenue for the quarter was $2.35 billion, in line with analysts' estimates and up from $1.9 billion in the prior year's quarter.Starbucks shares closed up 38 cents, or 1.1 percent, at $34.94 on the Nasdaq Stock Market on Wednesday. The stock has traded in a 52-week range of $28.72 to 40.01.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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