Starbucks Corp. (NASDAQ: SBUX), the world's largest coffee chain, reported Wednesday that the company more than tripled its profit in its fiscal first quarter, according to Associated Press.
The coffee chain earned $241.5 million, or 32 cents per share, for the three months that ended in late December. During the same period last year, when the recession hit, its profit was $64.3 million, or 9 cents per share. At that time, Starbucks closed stores and laid off workers to cut its costs.
Top Best Penny Stocks, a leading financial publication, is pleased to alert investors of stocks on the move. Sign up for our Free Stock Newsletter.
Starbucks' revenue rose 4 percent to $2.72 billion, up from $2.62 billion last year.
Analysts surveyed by Thomson Reuters expected Starbucks to earn 28 cents per share on revenue of $2.65 billion.
Meanwhile, during its most recent quarter, Starbucks said its sales in stores open at least a year rose 4 percent for the quarter after two years of steady declines.
Part of the gain came from stronger sales of the company's single-serve instant coffee. The company also saw a 30 percent boost in sales of its holiday drinks, such as its eggnog latte.
In the coming year it plans to open about 100 new U.S. locations and 200 international sites. It has more than 16,000 locations around the globe.
In addition, Starbucks raised its full-year forecast saying it now expects to earn an adjusted profit of $1.05 per share to $1.08 per share, with revenue climbing by the mid-single digit percentages. In November, it expected an adjust profit of up to 96 cents per share on lesser revenue gains.
Analysts expect Starbucks to earn $1.02 per share with revenue of $10.07 billion, a 3 percent increase.
Starbucks shares closed at $23.29 on Wednesday.
Sign up for Top Best Penny Stocks' free newsletter. To subscribe, enter your e-mail address into the frame at the bottom of this press release or visit our website.
Follow us on Twitter: http://www.Twitter.com/topbestps
About Us
Top Best Penny Stocks is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We also track small cap companies that are on the brink of a financial breakout. To feature a company on our web site please contact us at the email listed below.
Please click here to read the full disclaimer.
