Starbucks beats view, raises target, shares up
LOS ANGELES (Reuters) - Starbucks Corp again reported stronger-than-expected quarterly profit, solidifying expectations the chain is turning around after closing cafes and slashing costs, and its shares rose 3 percent.
The company also raised its target for fiscal 2010 earnings excluding items to growth of 15 percent to 20 percent. It had previously forecast growth of 13 percent to 18 percent.
Net income for its fiscal fourth quarter ended Sept. 27 was $150 million, or 20 cents per share. A year earlier, Starbucks reported net income of $ 5.4 million, or 1 cent per share.
Excluding items, Starbucks earned 24 cents a share in the latest quarter, topping analysts' average forecast of 21 cents, according to Thomson Reuters I/B/E/S.
Total net revenue was $2.42 billion compared with $2.52 billion a year earlier.
Starbucks shares rose to $20.30 from their Nasdaq close of $19.70.
(Reporting by Lisa Baertlein; editing by Andre Grenon)
© Thomson Reuters 2010 All rights reserved
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