Starbucks beats first-quarter profit forecasts

SEATTLE (AP) -- Starbucks Corp. (SBUX) on Thursday reported fiscal first-quarter profit of $687.6 million.

On a per-share basis, the Seattle-based company said it had profit of 46 cents.

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The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share.

The coffee chain posted revenue of $5.37 billion in the period, which missed Street forecasts. Nine analysts surveyed by Zacks expected $5.38 billion.

For the current quarter ending in April, Starbucks expects its per-share earnings to range from 38 cents to 39 cents.

The company expects full-year earnings in the range of $1.87 to $1.89 per share.

Starbucks shares have fallen almost 2 per cent since the beginning of the year, while the Standard & Poor's 500 index has declined almost 9 per cent. In the final minutes of trading on Thursday, shares hit $58.97, a rise of 45 per cent in the last 12 months.



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