SEATTLE (AP) — Starbucks Corp.’s fiscal first-quarter profit increased 10 percent as the coffee company added stores, customers and new products.
The Seattle-based company reported after the market closed Thursday that it earned $382.1 million, or 50 cents per share, for the quarter that ended Jan. 1. That’s up from $346.6 million, or 45 cents per share, in the same quarter last year.
Its total revenue increased 16 percent to $3.44 billion.
The quarter beat market expectations. Analysts polled by FactSet anticipated the company would earn 49 cents per share on revenue of $3.29 billion.