International growth helps spur Starbucks earnings

by Staff
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SEATTLE — Higher sales and international growth helped lead to a 32% increase in earnings for Starbucks Corp. during fiscal year 2011.

For the year ended Oct. 2, the company had earnings of 1,245.7 million, equal to $1.62 per share on the common stock, which compared with earnings of $945.6 million, or $1.24 per share, during the previous year. Revenue for the year was $11,700.4 million, up 9% from $10,707.4 million.

“Fiscal 2011 was an extraordinary year in which Starbucks reported record earnings every quarter and for the full year and very strong comp store sales growth all around the world,” said Howard Schultz, chairman, president and chief executive officer. “Starbucks today is executing in all markets and across all channels, and we have never been better positioned to go hard and go fast after the tremendous opportunity that lies ahead in 2012 and beyond.”

For the fourth quarter ended Oct. 2 the company had earnings of $358.5 million, or 47c per share, up 29% from $278.9 million, or 37c per share, during the same quarter of the previous year. Revenue for the quarter was $3,031.9 million, up 7% from $2,838 million.

“The record results we reported today for the fourth quarter and the full fiscal year are a testament to the overall health and strength of our global business,” said Troy Alstead, chief financial officer. “The momentum we have built throughout the year continued in the fourth quarter with the strength of same-store sales growth demonstrating that our product innovation and overall store experience are resonating extremely well with our customers. As a result of the strong finish to fiscal 2011, Starbucks entered the new fiscal year well-positioned to continue pursuing significant profitable growth opportunities.”

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