Starbucks profit climbs but revenue falls short

Drew Angerer/Getty Images

NEW YORK Starbucks (SBUX) says it profit rose in its fiscal first quarter as customers stepped up spending at its cafes in the U.S. and Asia, but its revenue fell short of expectations.

The Seattle-based coffee chain says global sales at cafes open at least a year rose 6 percent, reflecting an increase in traffic and spending per visit. The figure is a key metric because it strips out the impact of newly opened and closed locations. In Europe, the figure fell 1 percent.

For October-to-December period, Starbucks earned $432.2 million, or 57 cents per share. That's compared with $382.1 million, or 50 cents per share, in the year-ago period.

Revenue rose 11 percent to $3.8 billion.

Analysts expected a profit of 57 cents per share on revenue of $3.85 billion.

Comments

CBSN Live

pop-out
Live Video

Market Data

Watch CBSN Live

Watch CBS News anytime, anywhere with the new 24/7 digital news network. Stream CBSN live or on demand for FREE on your TV, computer, tablet, or smartphone.

Market News

Stock Watchlist