US coffee giant Starbucks has reported a 9.9% jump in fourth-quarter net profit to US$58.5m from $53.2m in the same period last year.

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For the three months ended 29 September, Starbucks posted record revenues of $865m, compared with $689.5m for the same quarter last year. Analysts polled by Thomson First Call had forecast revenue of $854.3m.

The Seattle-based company plans to open around 750 stores in the US during fiscal 2003, as well as expanding into new countries and increasing its presence in Latin America, the Middle East, Asia and Europe.

For the financial year ended 29 September, Starbucks posted a profit of $215.1m, compared to $181m for the previous year. Revenues for the fiscal year were $3.8bn, a 26.7% rise from $3bn in the previous year, reported AP.

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