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Good News for Starbucks Stock

It also boosted its guidance for the current quarter


Starbucks coffee stocksShares of Starbucks (SBUX) climbed more than 7% in Friday morning trading after the company posted better-than-expected quarterly results.

The coffee shop chain said that it earned $417.8 million during the third quarter, up 25% compared to the same time last year. EPS came in at 55 cents, topping the 53 cents that analysts had forecast, the Associated Press noted.

Starbucks Sues Supplier Over Spoiled Sandwiches
Starbucks Sues Supplier Over Spoiled Sandwiches

Quarterly sales of $3.74 billion also beat Wall Street estimates of $3.72 billion. The company noted that worldwide same-store sales jumped 8% while U.S. same-store sales increased 9%.

Starbucks increased its guidance for fourth-quarter earnings from earlier estimates of between $2.12 to $2.18 a share, to a range of $2.22 to $2.23 a share.

Earlier this week, Starbucks announced that it would introduce a new line of Greek yogurts and parfaits under its Evolution Fresh brand.

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