Winnipeg Free Press - PRINT EDITION

Starbucks brews a strong forecast

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NEW YORK -- Starbucks Corp. on Thursday raised its forecast for the year after the coffee chain said more customers are going to its cafés, even in the challenging global economy.

The Seattle-based company said global revenue at cafés open at least a year rose six per cent in the fiscal fourth quarter, driven by higher customer traffic.

The measure is a key gauge, because it strips out the impact of newly opened and closed locations.

Starbucks lifted its guidance for the year ending in September 2013 to $2.06 to $2.15 per share.

That's up from its previous outlook of $2.04 to $2.14 per share. Analysts expect $2.14 for the year, according to FactSet.

The company also lifted its quarterly dividend 24 per cent, to 21 cents.

For the July-September period, Starbucks earned $359 million, or 46 cents per share, from $358.5 million, or 47 cents per share, a year ago.

The year-ago results benefited from a gain related to a real estate sale. Revenue rose 11 per cent to $3.36 billion.

Analysts expected profit of 45 cents per share on revenue of $3.39 billion.

Shares rose $2.82, or 6.1 per cent, to $49.44 in after-market trading. The stock had closed up 72 cents to $46.62 in regular trading.

-- The Associated Press

Republished from the Winnipeg Free Press print edition November 2, 2012 B8

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