Starbucks Beats, Shares Fall on Outlook

(Starbucks earnings report updated with revised earnings guidance, as per a corrected earnings press release from the company .)

SEATTLE ( TheStreet) -- Starbucks ( SBUX) posted better-than-expected quarterly profits and revenue late Wednesday but shares fell after-hours on the company's disappointing outlook.

Starbucks booked 2011 fiscal first quarter profits of $346.6 million, or 45 cents per share, on revenue of $3 billion, up from year-earlier earnings of $241.5 million, or 33 cents per share, on revenue of $2.72 billion.

Analysts' consensus call was for Starbucks to book first-quarter profits of $294.5 million, or 39 cents per share, on revenue of $2.93 billion.

Starbucks shares were 0.9% higher on Thursday to trade around $33.37. The stock surged 39.3% in 2010.

Investors were unimpressed with Starbucks' revised 2011 earning guidance.

Starbucks reiterated its plans to open 500 net new stores in fiscal 2011, 400 of which will be outside the U.S. and the majority of which are expected to be licensed stores. The company targeted mid- to high-single digit revenue growth driven by low- to mid-single digit comps growth.

It also reaffirmed certain of its 2011 guidance "despite dramatically higher coffee costs," but revised its earnings-per-share outlook.

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