Starbucks sees global sales soar
01 August 2011 10:04
US coffee giant Starbucks has reported a sharp increase in profits as global sales continued to grow.
The group has raised its full year profits forecast.
Net income for the three months to July 3rd came in at $279.1 million (£170.5 million), an increase of 34% on the £207.9 million a year earlier. Revenue rose by 12% to $2.93 billion.Like-for-like sales, excluding new stores, rose by 8%.
Chief executive Howard Schultz said: "Starbucks record third quarter results reflect both the underlying strength and continuing momentum we have been experiencing across all of our business segments and around the world."
He added: "Starbucks has never been healthier."
Internationally, revenues rose by 20% while domestic sales in the US were up by 9%.
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