Starbucks Profits Soar

It must be the caffeine.

Coffee giant Starbucks says fiscal third-quarter earnings increased 20 percent to $56 million, or 14 cents per share.

That beat a Thomson First Call estimate of 13 cents a share. Revenues were up 26 percent to $835 million.

Starbucks expects to earn 54 cents a share in fiscal 2002 – the high end of prior guidance – and says earnings for fiscal 2003 should range between 64 and 66 cents a share.

Chairman Howard Schultz also announced that Starbucks is raising the number of stores it plans worldwide by 5,000 to 25,000. It has more than five-thousand retail locations now.

A new Starbucks store recently opened in Sonora. The coffeehouse is located in a new two story retail businesses and office building on Sanguinetti Road and Old Wards Ferry Road next to the new movie theaters and Applebee´s restaurant. A grand opening is planned for next month.

Starbucks plans to open 1,200 new stores this year and another 1,200 next year.