was up about 4% in early premarket trading after the company reported higher same-store sales growth and revenue for May.
Starbucks' comparable-store sales in stores open at least 13 months grew 10% for the month compared to last year. Total consolidated net revenue was $260 million for the month, a 27% increase from the $204 million the company brought in last May.
The company's May same-stores growth was the highest it's seen since November 2000 and continued the five-month trend of increased growth.
In a press release, Starbucks said its "fiscal 2002 year to date results demonstrate the company's ability to rapidly expand domestically and internationally, while simultaneously delivering strong revenue and comparable store sales growth." The company also said it had reduced its exposure to price volatility by acquiring a two-year supply of coffee in inventory or in fixed price contracts.
Shares of Starbucks were recently up about 93 cents to $24.50 after closing at $23.57 Thursday.