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Starbucks profit rises despite economic jitters (Danny Johnston/AP)
Starbucks profit rises despite economic jitters (Danny Johnston/AP)

Starbucks profit rises despite economic jitters Add to ...

Starbucks Corp. ’s quarterly profit rose after the summer’s economic jitters failed to dilute the coffee buying habits of the world’s largest coffee chain’s customers.

The stock, which closed at $41.40 (U.S.), rose 2.8 per cent to $42.56 in after-hours trade.

Fourth-quarter net income hit $358.5-million, or 47 cents per share, including gains of 10 cents per share, the company said Thursday. In the year-earlier quarter, Starbucks made a profit of $278.9-million, or 37 cents per share.

Total revenue rose almost 7 per cent to $3.03-billion for the quarter ended Oct 2.

Global sales at cafes open at least 13 months jumped 9 per cent, better than the 6.5 per cent gain analysts, on average, had expected according to Thomson Reuters data.

U.S. same-restaurant sales were up 10 per cent.

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  • Starbucks Corp
    $57.50
    0.00
    (0.00%)
  • Updated December 5 4:15 PM EST. Delayed by at least 15 minutes.

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