Corsicana Daily Sun, Corsicana, Texas

Community News Network

October 30, 2013

Starbucks profit rises 34% on pumpkin lattes

— Starbucks, the world's largest coffee-shop chain, said fourth-quarter profit rose 34 percent as it attracted U.S. diners with seasonal drinks and new pastries.

Net income in the three months ended Sept. 29 increased to $481.1 million, or 63 a share, from $359 million, or 46 cents, a year earlier, the Seattle-based company said Wednesday in a statement. Analysts estimated 60 cents a share, the average of 27 projections compiled by Bloomberg.

Chief Executive Officer Howard Schultz has been pursuing new avenues of growth, including higher-quality bakery food and tea, as the company opens more stores across the U.S. Restaurants that cater to higher-income consumers, such as Starbucks and Chipotle Mexican Grill Inc., are outperforming McDonald's Corp. and other less-expensive fast-food joints.

Sales at Starbucks stores open at least 13 months increased 8 percent in the Americas. Analysts estimated a 7.1 percent gain, according to Consensus Metrix, a researcher owned by Wayne, N.J.-based Kaul Advisory Group.

Starbucks fell 1.1 percent to $79.87 at 4:09 p.m. in New York. The shares climbed 51 percent this year through the close of regular trading today, compared with a 24 percent gain for the Standard & Poor's 500 Restaurants Index.

 

1
Text Only
Community News Network
AP Video
Arizona Prison Chief: Execution Wasn't Botched Calif. Police Investigate Peacock Shooting Death Raw: Protesters, Soldiers Clash in West Bank Police: Doctor Who Shot Gunman 'Saved Lives' 'Modern Family' Star on Gay Athletes Coming Out MN Twins Debut Beer Vending Machine DA: Pa. Doctor Fired Back at Hospital Gunman Raw: Iowa Police Dash Cam Shows Wild Chase Obama Seeks Limits on US Company Mergers Abroad Large Family to Share NJ Lottery Winnings U.S. Flights to Israel Resume After Ban Lifted Official: Air Algerie Flight 'probably Crashed' TSA Administrator on Politics and Flight Bans Raw: National Guard Helps Battle WA Wildfires Raw: Ukraine's Donetsk Residents Flee Senators Push to End Hamas Threat in Cease-Fire A Young Victim's Premonition, Hug Before MH17 Raw: Deadly Storm Hits Virginia Campground Death Penalty Expert: 'This is a Turning Point' Raw: MH17 Victim's Bodies Arrive in Netherlands
House Ads
Twitter Updates
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide