Espresso Charges Up Starbucks

Same-store sales rise 7%.
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Starbucks

(SBUX) - Get Report

said same-store sales rose 7% in October compared with a year ago, charged up by espresso.

The result was a little less than double the gain Wall Street had forecast. On a consolidated basis, the coffee shop operator had total revenue of $550 million in October, up 21% from a year ago.

"October's robust results can be attributed to the strength of our core handcrafted espresso beverages," Starbucks said. "We are off to a good start to our new fiscal year and look forward to the launch of our holiday celebration next week. However, we remain mindful that November 2004 was the strongest comparable-store sales month in the last 10 years."

The company said it opened a net 44 U.S. stores in October, bringing its total to 4,911. It added a net 101 licensed stores in the month, bringing the total to 2,536.

The shares added 62 cents, or 2.1%, to $30.05 after hours.