Starbucks Tops Q3 Estimates; Global Sales Jump 7 Percent

Starbucks (SBUX) reported earnings after the bell that beat records and were $0.01 higher than analysts’ expectations for the company's third quarter of fiscal 2015.
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Starbucks (SBUX) reported earnings after the bell that beat records and were $0.01 higher than analysts’ expectations for the company's third quarter of fiscal 2015. The luxury coffee retailer reported earnings of $0.42 a share on revenue of $4.88 billion. According to Reuters, estimates came to $0.41 a share on revenues of $4.85 billion. The reported earnings of $0.42 shows a 24% increase over last year's third quarter earnings of $0.34 a share. In the release, Starbucks said that comparable store sales rose 7% globally, with an 11% rise in China and global revenues rose 18% over the same period last year. The company also said that their non-GAAP operating margins increased 100 basis points to 19.5%. Moments before the numbers were out, Starbucks also announced that they will be buying back an additional 50 million shares of the company's common stock in addition to the 11 million available under its current share repurchase program. Shares of Starbucks are trading 38% higher than they were at the beginning of the year.