US-based coffee retailer Starbucks has reported a 41.4% rise in quarterly net earnings, boosted by strong holiday sales.

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The company posted net earnings of US$110.8m, or 27 cents a share, for the first quarter to 28 December, compared to $78.4m, or 20 cents a share, a year earlier.


Consolidated net revenues increased 27.7% to $1.3bn from $1.0bn in the year-ago period.


“I am extremely pleased with our first quarter results. Our partners’ focused execution at all levels of the business resulted in the most successful first quarter in Starbucks history,” said CEO Orin Smith. “From a strong holiday promotion in our retail stores, to continued growth of our specialty and international operations, our performance sets a strong foundation for Starbucks fiscal year 2004.”

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