Starbucks reports higher profit but growth slows; lower coffee costs boost results - InfoNews

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Starbucks reports higher profit but growth slows; lower coffee costs boost results

This Friday, Jan. 17, 2014, photo, shows Starbucks mugs in a cafe in North Andover, Mass. Starbucks reports quarterly earnings on Thursday, Jan. 23, 2014. (AP Photo/Elise Amendola)
January 23, 2014 - 1:32 PM

NEW YORK, N.Y. - Starbucks says its quarterly profit rose by 25 per cent as it benefited from lower coffee costs and stronger sales around the world.

The Seattle-based coffee company says global sales rose 5 per cent at established locations. That was slower than the increase in the previous quarter, however, and total sales fell short of Wall Street expectations.

Sales at established locations rose 5 per cent for the U.S. and the region encompassing Europe.

For the three months ended Dec. 29, it earned $540.7 million, or 71 cents per share. That was more than the 69 cents per share analysts expected.

A year ago, it earned $432.2 million, or 57 cents per share.

Revenue rose to $4.24 billion, shy of the $4.3 billion Wall Street expected.

News from © The Associated Press, 2014
The Associated Press

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