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NEW YORK (
TheStreet) -- Shares of
Starbucks(SBUX - Get Report) got a jolt in late trades on Thursday after the Seattle-based coffee giant delivered an above-consensus quarterly profit and lifted its outlook.
The company posted a profit of $279.1 million, or 36 cents a share, in its fiscal third quarter ended in June on revenue of $2.93 billion, topping the average estimate of analysts polled by
Thomson Reuters for earnings of 34 cents a share on revenue of $2.84 billion.
Starbucks also said it's targeting earnings per share growth of 15-20% for fiscal 2012 with revenue seen rising 10%, backed by expectations for a mid-single-digit increase in same-store sales, the projected opening of 800 new locations globally, and strong growth in its consumer products group business.
The stock was last quoted at $40.90, up 2.3%, on volume of 1.4 million, according to
Nasdaq.com. Based on a regular session close at $39.98, the shares were up more than 21% so far in 2011.
The positive news from Starbucks fits with the bullishness percolating about coffee and tea companies this week.
Green Mountain Coffee Roasters(GMCR) posted its own blowout results on Wednesday, and
Dunkin' Brands(DNKN - Get Report) soared nearly 50% in its market debut the same day.
On Thursday, tea retailer
Teavana Holdings(TEA), surged more than 60% in its market debut, pricing an offering of 7.1 million shares at $17 each and finishing the day at $27.80.
Ancestry.com(ACOM) fell in the extended session after the company left its subscriber outlook for the full year unchanged at 1.71 million to 1.73 million.
The Provo, Utah-based online family history information provider reported a profit of $16.6 million, or 33 cents a share, for its fiscal second quarter ended June 30 on revenue of $101.3 million, an increase of more than 35% from last year's equivalent period.
The average estimate of analysts polled by
Thomson Reuters was for earnings of 30 cents a share in the June period on revenue of $98.8 million.
For the third quarter ending in September, the company said it sees revenue of $102 million to $104 million, a range that implies some upside to Wall Street's current consensus view of 102.3 million.
With the stock up more than 40% so far in 2011, however, investors were apparently expecting more, and the shares dipped 3% to $38.97 on volume of more than 315,000 in late trades.