Starbucks Net Climbs; Annual Profit Forecast Raised

Nov 5th, 2009 - Bloomberg

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Nov. 5 (Bloomberg) -- Starbucks Corp., the world’s largestcoffee-shop operator, increased its 2010 profit forecast andsaid fourth-quarter profit jumped as cost cuts expanded margins.The shares rose 3.6 percent in late U.S. trading.

Net income rose to $150 million, or 20 cents a share, from$5.4 million, or 1 cent, a year earlier, the Seattle-basedcompany said today in a statement. Earnings excluding some itemsbeat analysts’ estimates by 3 cents. Sales fell 3.7 percent to$2.42 billion in the quarter ended Sept. 27.

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