by Christopher Freeburn | July 26, 2013 10:08 am
Shares 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.
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.
Source URL: https://investorplace.com/2013/07/good-news-for-starbucks-stock/
Short URL: http://invstplc.com/1fsIsnG
Copyright ©2017 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.