on every corner has led the coffee maker to report earnings of 25 cents for every share in the first fiscal quarter, beating estimates by two cents.
First Call/Thomson Financial
questioned 18 analysts, who estimated that the Seattle-based company would earn 23 cents a share.
The ubiquitous coffeehouse chain reported revenue of $667 million for the first quarter, up from $529 million in the year-ago period. Net earnings were $49 million, a 41% increase over the year-ago first quarter earnings of $34.7 million, or 18 cents a share.
The company raised its earnings goal for fiscal 2001 to 91 cents to 93 cents from a range of 90 cents to 92 cents. Other goals for the fiscal year include opening 1,100 new stores globally and increasing revenue by at least 25%. Analysts expect Starbucks to earn 91 cents in fiscal 2001, up from 71 cents last year.