Starbucks’ 4Q earnings up nearly 30%

Staff Writer
Starbucks’ 4Q earnings up nearly 30%

Starbucks Corp. ended the year with fourth-quarter profits up nearly 30 percent, the company said Thursday.

For the quarter ended Oct. 2, Starbucks reported net earnings of $358.5 million, or 47 cents per share, up 29 percent compared with $278.9 million, or 37 cents per share, for the same quarter last year. The previous year included a 14-week quarter and 53-week year.

Total revenue reached a record $3 billion, up 7 percent from the 14-week quarter last year, or up 15 percent compared on a 13-week basis.

Same-store sales were up 9 percent globally, driven by a 6-percent increase in traffic and a 3-percent increase in average check.

Domestic locations fared even better. In the United States, same-store sales rose 10 percent on a 7-percent increase in transactions and another 3-percent jump in average check.

Revenue for U.S. locations also climbed to $2 billion, a 3-percent increase over the fourth quarter last year.

International locations reported same-store sales growth of 6 percent on a 5-percent increase in traffic. Revenue was up 16 percent to $717.9 million, partly due to the favorable impact of currency exchange.

Globally, the consumer products group saw revenue climb 20 percent during the quarter to $242.2 million.

For the full fiscal year, earnings increased 31 percent to $1.62 per share, compared with $1.24 per share last year, the company said.