met analysts' expectations for the fourth quarter, as same-store sales grew 10% for the period.
Excluding noncash Internet investment losses, the coffee chain from Seattle posted income of $43.8 million, or 22 cents a share, up from $32.4 million, or 17 cents a share, last year. A
First Call/Thomson Financial
survey of 19 analysts expected the company to earn 22 cents a share.
Revenue for the quarter was $582 million, compared with $475 million last year.
Starbucks is also writing down the majority of its equity positions in
. After the write-down, which won't affect 2001 earnings targets, the carrying cost of all Internet investments is $4.8 million.
For fiscal 2001, Starbucks expects revenue to increase by 25% to 30%, and achieve same-store sales growth in the middle single digits. The company also targeted 90 cents to 92 cents a share for full-year 2001 earnings, while analysts are expecting 91 cents. Starbucks also said one of its goals for 2001 was to open at least 1,100 new company-operated and licensed stores worldwide.