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Starbucks profit rises despite economic jitters

Starbucks profit rises despite economic jitters

Danny Johnston/AP

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.

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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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