Friday, November 4, 2016
Starbucks jumps as revenue tops estimates
(Reuters) - Starbucks Corp reported higher-than-expected quarterly revenue, while sales at established cafes in its Americas region matched Wall Street's expectations, sending its shares up as much as 6.7 percent in extended trading.
Same-store sales for the U.S.-dominated Americas region were up 5 percent, matching estimates compiled by Consensus Metrix. The Americas region produces the lion's share of Starbucks sales.
Net income attributable to shareholders rose to $801 million, or 54 cents per share, in the fourth quarter ended Oct. 2, from $652.5 million, or 43 cents per share, a year ago.
Excluding items, the company earned 56 cents per share.
Total revenue rose to $5.71 billion from $4.91 billion, topping the average expectation of $5.68 billion, according to Thomson Reuters I/B/E/S.
Shares of the world's largest coffee chain were up $1.4 at $52.49 in after-hours trading.
(Reporting by Lisa Baertlein in Los Angeles and Arathy S Nair in Bengaluru; Editing by Bernard Orr and Saumyadeb Chakrabarty)