Starbucks Share Price: Q3 Profit Jumps 28 Percent on Improved US Sales

on Jul 26, 2013
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iNVEZZ.com, Friday, July 26: Starbucks Corp (NASDAQ:SBUX) reported yesterday that fiscal third-quarter net income rose year-on-year by 28 percent to $417.8 million, or 55 cents a share. The figure beat the 53-cents average of 28 analysts’ estimate compiled by Bloomberg. Revenue increased 13 percent in the three months to June 30 to $3.74 billion.

Driven by the upbeat results, the Starbucks share price rose more than seven percent to $73.17 by 15:09 BST.
Food has been a big driver for the company’s success in the quarter, contributing to traffic in US stores and lifting sales and profit. Starbucks’ Chief Executive Officer Howard Schultz has led a push into food in recent months and as a result, the world’s largest coffee-shop operator has started to offer a range of different menu items such as salads. Earlier this week the company announced a partnership with Danone SA to develop and sell Greek yogurt in cafes and in supermarkets.
“Foods have been phenomenal for us,” Chief Financial Officer Troy Alstead said during an interview, as quoted by Bloomberg.
**The Starbucks share price was $73.28 as of 15.22 BST, 26.07.2013**

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