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Starbucks sees strong sales in 3Q, net income jumps 34 percent as more customers drop in
SEATTLE (AP) ' Starbucks Corp. says stronger sales helped drive its third-quarter net income up 34 percent to beat expectations.
The coffee giant said Thursday after the markets closed that it drew more customers around the globe and those customers spent more, despite the continued difficult economy.
"The third quarter really continues the trends we've seen for some time," said Troy Alstead, chief financial officer at Starbucks. "It's even more remarkable in what is a fragile consumer environment."
Starbucks, based in Seattle, said it earned $279.1 million, or 36 cents per share, for the quarter that ended July 3. That's up from $207.9 million, or 27 cents per share, earned in the same quarter last year.
Revenue rose 12 percent to $2.93 billion.
Analysts on average were expecting earnings of 34 cents per share on revenue of $2.83 billion, according to FactSet.
Starbucks said it expects to earn $1.50 to $1.51 per share for the full year, which is in line with analyst expectations of $1.50. It's an increase from the company's earlier forecast for earnings of $1.46 to $1.48 per share.
The news sent shares of Starbucks up about 2 percent in after-hours trading to $40.80.