Starbucks is reporting that its fourth quarter profits increased 17 percent as it beat Wall Street profit forecasts.
The giant specialty coffee retailer earned 80 (m) million dollars, or 20 cents a share. That´s compared to 17 cents a share a year earlier.
Analysts surveyed by Thomson First Call had expected an 18 cents-a-share profit. Starbucks says revenues increased 25 percent to $1 billion. The company is raising its earnings outlook for this year by two cents a share. Starbucks operates 6,000 coffee shops around the world and plans to open 1,200 more this year.
A Sonora Starbucks opened last year.