Starbucks Corp. on Thursday reported third-quarter earnings that beat Wall Street expectations, citing same-store sales improvements in the U.S., and an expanding consumer package goods business.
The Seattle-based coffee giant reported earnings per share of 55 cents. Analysts polled by Thompson Reuters I/B/E/S had expected 53 cents.
Revenue increased 13 percent, to $3.74 billion. Analysts had been looking for $3.72 billion.
Global same-store sales rose 8 percent, driven by a 9 percent gain in the United States.
“Starbucks Q3 results represent the best across-the-board third-quarter performance in our 42-year history,” CEO Howard Schultz said in a statement. “Our more than 19,000 store global footprint, our fast-growing (consumer package goods) presence and our best-in-class digital, card, loyalty and mobile capabilities are creating a ‘flywheel’ effect elevating the relevancy of all things Starbucks, and driving profitability.”
The company has a stated goal of stretching its business beyond bagged coffee and its cafes and into more of a lifestyle brand. In 2011, its green siren logo was changed, dropping the words “Starbucks Coffee.”
Earlier this week, Starbucks announced a partnership with Danone to make Greek yogurt parfaits. The company said additional product announcements are forthcoming. It has also been building its business in K-cups for Keurig machines, as well as its own single-serve espresso machine.
[email protected] | Twitter: @emilyyork