Starbucks profit rises, but misses expectations

Starbucks profit rises, but misses expectations

Credit: Jewel Samad / Getty Images

Starbucks profit rises, but misses expectations

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by Associated Press

KREM.com

Posted on July 26, 2012 at 2:03 PM

NEW YORK (AP) -- Starbucks Corp. says its net income rose 19 percent in its fiscal third quarter, but the results fell short of Wall Street expectations and shares slumped 9 percent.
 
The Seattle-based coffee giant said global revenue at cafes open at least a year rose 6 percent, driven by growth in China and Asia, while the region encompassing Europe, the Middle East and Africa was flat. The figure rose 7 percent in the Americas.
 
For the three months ended July 1, the company said it earned $333.1 million, or 43 cents per share. That's compared with $279.1 million, or 36 cents per share, a year ago.
 
Total revenue rose 13 percent to $3.3 billion.

Analysts on average expected a profit of 45 cents per share on revenue of $3.34 billion.

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