Starbucks Back to Brewing Big Profits
NEW YORK (
) --
Starbucks
(SBUX) - Get Report
appears to be back on solid footing as its first-quarter profit soars, marking its fourth straight quarter of gains.
During the quarter, the coffee retailer earned $217.3 million, or 28 cents a share, compared with $25 million, or 3 cents, in the year-ago period. Analysts expected Starbucks to earn 25 cents a share.
|
Revenue increased nearly 9% to $2.53 billion from $2.33 billion, while same-store sales rose 7%.
Looking ahead, Starbucks foresees full-year earnings between $1.19 and $1.22 a share, higher than Wall Street's estimates of $1.12.
More Earnings |
Earlier today
McDonald's
(MCD) - Get Report
also reported
a 11% jump in its first-quarter profit
, boosted by sales of coffee. During the quarter the fast-food chain rolled out a new line of lower-priced frappes, putting it in even closer competition with Starbucks.
-- Reported by Jeanine Poggi in New York.
Follow TheStreet.com on
and become a fan on