Starbucks profits perk up 6%
Starbucks said today that its profit rose in its fiscal first quarter as customers stepped up spending at its cafes in the US and Asia, but its revenue fell short of expectations.
The Seattle-based coffee chain said global sales at cafes open at least a year rose 6%, 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%.
For the period October to December, Starbucks earned US $432.2 million compared with US $382.1 million in the same period a year ago.
Revenue rose 11% to US $3.8 billion.