Ralph
25.01.2001, 22:54
Starbucks Profits Up 41 Percent
SEATTLE (Reuters) - Starbucks Corp. (NasdaqNM:SBUX - news) on Thursday said its profits rose 41 percent in its fiscal first quarter, beating Wall Street forecasts, as the company continued its rapid global expansion and raised its profit target for 2001.
The Seattle-based coffee-shop giant said net earnings for the quarter ended Dec. 31 totaled $49 million, or 25 cents per diluted share, up from $34.7 million, or 18 cents, a year earlier.
Analysts on average had expected Starbucks to earn 23 cents per share, according to First Call/Thomson Financial.
The company said it raised its earnings per share goal for fiscal 2001 to 91 cents to 93 cents from a previous target of 90 cents to 92 cents. As previously reported, Starbucks' consolidated net revenues rose 26 percent to a record $667 million in the first quarter, from $529 million in the same period a year earlier.
Starbucks, which operates over 3,800 coffee shops, including 3,200 in North America, said it plans to open at least 1,100 more in 2001, helping boost total revenues by at least 25 percent.
``We are inspired by the tremendous response to the Starbucks brand domestically and internationally and could not be more pleased with the overall performance of the company,'' Starbucks Chairman Howard Schultz said in a statement.
Retail store sales, including both company-operated and licensed retail shops, rose 39 percent to $722 million for the quarter from $520 million for the same period in fiscal 2000.
The report came after the close of Nasdaq trading, which saw Starbucks shares fall 9/16 to finish at $42-13/16. In early after-hours trading, the stock rose to $43.
Ralph
SEATTLE (Reuters) - Starbucks Corp. (NasdaqNM:SBUX - news) on Thursday said its profits rose 41 percent in its fiscal first quarter, beating Wall Street forecasts, as the company continued its rapid global expansion and raised its profit target for 2001.
The Seattle-based coffee-shop giant said net earnings for the quarter ended Dec. 31 totaled $49 million, or 25 cents per diluted share, up from $34.7 million, or 18 cents, a year earlier.
Analysts on average had expected Starbucks to earn 23 cents per share, according to First Call/Thomson Financial.
The company said it raised its earnings per share goal for fiscal 2001 to 91 cents to 93 cents from a previous target of 90 cents to 92 cents. As previously reported, Starbucks' consolidated net revenues rose 26 percent to a record $667 million in the first quarter, from $529 million in the same period a year earlier.
Starbucks, which operates over 3,800 coffee shops, including 3,200 in North America, said it plans to open at least 1,100 more in 2001, helping boost total revenues by at least 25 percent.
``We are inspired by the tremendous response to the Starbucks brand domestically and internationally and could not be more pleased with the overall performance of the company,'' Starbucks Chairman Howard Schultz said in a statement.
Retail store sales, including both company-operated and licensed retail shops, rose 39 percent to $722 million for the quarter from $520 million for the same period in fiscal 2000.
The report came after the close of Nasdaq trading, which saw Starbucks shares fall 9/16 to finish at $42-13/16. In early after-hours trading, the stock rose to $43.
Ralph