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 - Get Report) 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.