Net income in the period ended Oct. 2 increased to $358.5 million, or 47 cents a share, from $278.9 million, or 37 cents, a year earlier, the Seattle-based company said today in a statement. Excluding some items, profit was 37 cents a share. Analysts expected 36 cents, the average of 19 estimates compiled by Bloomberg.
Chief Executive Officer Howard Schultz has sought to boost sales by selling Via instant coffee that customers can brew at home. U.S. grocery stores and retailers also began selling Starbucks brand K-Cup portion packs for Green Mountain Coffee Roasters Inc.’s Keurig machine this week.
“What we’re offering at the premium level is really resonating well with customers, despite what’s still a tough environment,” Chief Financial Officer Troy Alstead said in an interview. K-Cups are going to make a “big splash for the holiday period,” he said.
Starbucks rose 2.9 percent to $42.61 at 4:42 p.m. in New York. The shares advanced 28 percent this year before today.
Sales at U.S. stores open at least 13 months climbed 10 percent in the quarter, while international same-store sales rose 6 percent. Analysts surveyed by Bloomberg were expecting increases of 7.5 percent in the U.S. and 5.2 percent overseas. Global comparable-store sales rose 9 percent, compared with analysts’ average estimate of 6.9 percent.
Ingredient Costs
Starbucks, along with other restaurants, has faced higher raw-ingredient costs during the past year and has increased prices on bagged coffees in certain markets. Commodity costs reduced 2011 profit by 20 cents a share, the company said.
Coffee costs may moderate in 2013, Alstead said. The chain has locked prices for all of its coffee needs through fiscal 2012 and for some of 2013, he said. “We’ve really removed any volatility,” he said.
Revenue advanced 6.8 percent to $3.03 billion during the quarter, topping analysts’ $2.96 billion average estimate. Starbucks has more than 10,900 cafes in the U.S. and about 6,000 international locations. For the latest updates PRESS CTR + D or visit Stock Market news Today
Related Post:
coffee
- Coffee, cocoa prices today july 27 2012
- Coffee, Cocoa, Sugar Futures Prices july 25, 2012
- Coffee futures prices outlook february 27 2012
- GMCR stock sell or buy feb 27 2012
- GMCR stock, earning forecast 2012
- best indonesia kopi luwak
- Green Mountain Coffee stock prices outlook weekly nov 7 2011
- Colombia Coffee stockpiles forecast 2012
- Cocoa futures prices today nov 3 2011
- Coffee and sugar futures prices rose november 3 2011
- Coffee Holding shares prices today september 13 2011
- Coffee Holding (JVA) Stock prices Down July 27 2011
- World coffee exports in April 2010 - March 2011
- coffee prices may 6 2011, Coffee prices heating up
- Vietnam coffee export predictions for 2011
- The prices of arabica coffee, gold and silver in Colombian commodities Market April 27 2011
- coffee prices Trading Forecast for april 26 2011
- Cocoa futures Prices Forecast impact Ivory Coast's political climate
- benefits of women dringking coffee - by American Heart Association's journal
- global cocoa industry increasing concern over the violence in Ivory Coast
- Starbucks Tribute Badge Official Rules
- Starbucks Awarding Foursquare Checkins Today
- Colombia Coffee production forecast 2011
- India Coffee Exports period January-March 2011
No comments:
Post a Comment