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Starbucks profit up 20 percent in 2Q on sales

The Columbian
Published: April 27, 2011, 12:00am

SEATTLE (AP) — Starbucks Corp. says a growing base of customers helped drive its second-quarter net income up 20 percent.

The Seattle-based coffee company reported late Wednesday that it earned $261.6 million, or 34 cents per share, for the quarter — meeting analyst expectations, according to FactSet. That’s up from $217.3 million, or 28 cents per share, in the same quarter last year.

Revenue rose nearly 10 percent to $2.79 billion — beating expectations for $2.73 billion.

Starbucks raised its earnings outlook slightly for the full year.

The company now expects to earn $1.46 to $1.48 per share, but that still falls short of Wall Street’s average expectation of $1.49 per share, and Starbucks shares dipped 69 cents to $35.92 in after-hours trading.

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