Starbucks 3Q net income up 33 percent
Thursday, July 28, 2011
SEATTLE (AP) -- Starbucks Corp. says stronger sales helped drive its third-quarter net income up 33 percent to beat expectations.
The Seattle-based coffee giant said Thursday that it drew more customers and they spent slightly more than a year earlier.
It earned $887.4 million, or 36 cents per share, for the quarter. That is up from $666.7 million, or 27 cents per share. Revenue rose 12 percent to $2.93 billion.
Analysts on average were expecting earnings of 34 cents per share on revenue of $2.83 billion, according to FactSet.
The news sent shares up 82 cents, or 2 percent, in after-hours trading to $40.80.