Starbucks Q2 profits up 27%

05/04/06 - newratings.com

NEW YORK, May 4 (newratings.com) – Starbucks Corp (SBUX), world’s largest chain of coffee stores, Wednesday announced a 27% rise in its fiscal second-quarter profits.

The Seattle-based company said its net earnings for the three months ended April 2 rose to $127 million, or 16¢ per share, from $100 million, or 12¢ per share, in the year-ago quarter. Starbucks’ revenues jumped 24% to $1.89 billion in the fiscal second quarter, from $1.52 billion in the same period a year earlier. The company’s results were ahead of the average expectations of the Wall Street analysts. Starbucks raised its earnings guidance for the full year to 71¢-72¢ per share, from its earlier projection of 68¢-70¢ per share. The company said it plans to open 1,800 new stores during the current fiscal year.