Starbucks Reports Increased Q1 Profit; Matches Estimates
Coffee retailer, Starbucks Corporation(SBUX) reported increased earnings on Friday, matching analysts estimates.
The Seattle, WA based company reported first quarter earnings of $432.2 million, or 57 cents per share, up from $382.1 million, or 50 cents per share last year. These earnings were in line with analysts estimate of 57 cents per share.
Revenue for the quarter came in at $3.8 billion, an 11% increase from $3.44 billion last year. Analysts expected to see $3.84 billion in revenue for the quarter.
Looking ahead, the company expects to see FY2013 earnings in the range of $2.06 to $2.15 per share. SBUX estimates that revenue will grow at the rate of 10% to 13%. Analysts expect to see earnings of $2.16 with $14.99 billion in revenue.
Starbucks confirmed that they will open 1600 new stores in 2013, 600 of them in the United States
Starbucks shares were up $1.96, or 3.59% during premarket trading Friday. The stock has increased 13% in the past year.
The Bottom Line
Shares of Starbucks (SBUX) have a 1.54% dividend yield, based on last night’s closing stock price of $54.57. The stock has technical support in the $50-$52 price area. The shares are approaching all-time highs.
Starbucks Corporation(SBUX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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