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Starbucks Tops Earnings by 2 Cents

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Starbucks

(SBUX) - Get Starbucks Corporation Report

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.

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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.