Starbucks (NASDAQ:SBUX) reported an in-line 34% increase in fourth-quarter earnings on Wednesday amid growth in the Asia Pacific market, however its shares slid after hours as its outlook failed to impress Wall Street.
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The coffee giant said it anticipates current-quarter earnings between 67 cents and 69 cents, falling mostly below the consensus view of 69 cents.
For the full year, it sees earnings between $2.55 and $2.65 on sales growth of at least 10%. The consensus is calling for EPS of $2.67.
Shares of Starbucks slid more than 3% after hours.
In its most recent quarter, the Seattle-based coffee giant reported net income of $481 million, or a record 63 cents a share, compared with a year-earlier profit of $359 million, or 46 cents.
"The fourth quarter of fiscal 2013 capped off by far the best year in Starbucks 42-year-history," the company’s CEO, Howard Schultz, said in a statement.
Excluding a one-time gain related to the sale of equity in Chile and Argentina joint ventures, Starbucks earned 60 cents, matching average analyst estimates in a Thomson Reuters poll.
Revenue for the three-month period ended Sept. 29 climbed 13% to $3.8 billion from $3.4 billion a year ago, narrowly missing the Street’s view of $3.81 billion, though sales at stores open longer than a year were up 7% globally as traffic improved by 5%.
Sales climbed by 11% to $2.8 billion in the Americas, Starbucks’ largest geographic segment, while they gained 29% to $255.7 million in its third-largest but fastest-growing segment: China and the broader Asia Pacific.
Starbucks plans to open 1,500 new stores next year, the most in China, at 750.