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Starbucks Profit Climbs 27% in Quarter

(2006-05-04 23:47:50)
Starbucks Profit Climbs 27% in Quarter
 
May 4, 2006
By THE ASSOCIATED PRESS

SEATTLE, May 3 (AP) — The Starbucks Corporation reported a 27 percent rise in quarterly earnings Wednesday, citing brisk demand for its coffee drinks and a strong showing of its spring line of green tea beverages.

For the 13 weeks ended April 2, profit was $127 million, or 16 cents a share, up from $100 million, or 12 cents a share, in the period a year earlier. Revenue for the latest period, the second fiscal quarter, increased to $1.89 billion, from $1.5 billion last year.

The results, released after the market closed, beat the consensus forecast of analysts surveyed by Thomson Financial of 14 cents a share on revenue of $1.87 billion.

Shares of Starbucks closed at $37.35 on Nasdaq on Wednesday, down 47 cents, or 1.24 percent, then fell another 46 cents in after-hours trading, to $36.89. The stock has traded in a 52-week range of $22.70 to $39.50.

As of April 30, Starbucks had 11,377 stores in 37 countries. It opened 755 stores in the United States during the 30 weeks that ended April 30, and 381 stores overseas.

Based on its results for the first half of its fiscal year and increased confidence in the second half, Starbucks increased its earnings forecast to 71 cents to 72 cents a share, up from the previous forecast of 68 cents to 70 cents.

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