Starbucks Shares Slide On Disappointing Outlook

Starbucks Corp. shares slid in Thursday's extended session after the coffeehouse chain released a weak outlook for the fiscal first quarter. Starbucks reported its fiscal fourth-quarter earnings rose to $652.5 million, or 43 cents a share, from $587.9 million, or 39 cents a share, a year earlier. On an adjusted basis, the company would have earned 43 cents a share, in line with analysts' estimates in a FactSet survey. Revenue grew 18% to $4.91 billion, compared with the $4.9 billion projected by analysts. Starbucks expects first-quarter EPS of 43 cents to 44 cents and adjusted EPS of 44 cents to 45 cents, below the average 47 cents a share forecast by analysts. Shares of Starbucks dropped more than 3% in after-hours trading.