US coffee retail chain Starbucks has reported a 23% rise in third-quarter profit, helped by new drinks offerings and a strong performance in its core North American market.
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Seattle-based Starbucks posted quarterly profit of US$68.4m, or 17 cents a share, compared to $55.7m, or 14 cents a share, a year earlier. Analysts polled by Reuters had expected profit of 16 cents a share, on average.
The company’s consolidated net revenue was up 24% to $1bn for the quarter to 29 June, from $835m.
“We continue to have extraordinary results from our new drive-through openings. They are the highest-returning new store openings that we have and they are expected to continue to be a very significant part of our new store openings,” chief executive Orin Smith was quoted by Reuters as saying.
Starbucks reiterated its full-year earnings forecast of 67 cents a share, indicating an expected fourth-quarter profit of 17 cents a share.
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