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Starbucks stock perks up as key metric beats
Coffee retailer Starbucks (SBUX) met quarterly earnings and revenue estimates and reported a key restaurant metric that topped analysts' forecasts on Thursday.
The company's fiscal second-quarter earnings rose to 33 cents per share from 28 cents a share in the year-earlier period.
Revenue increased 18 percent to $4.56 billion from $3.87 billion
Global comps, a key metric, jumped 7 percent with a 3 percent tick up in traffic. Same-store sales were forecast to rise 5 percent during the quarter, according to Consensus Metrix.
Analysts had expected the giant coffee retailer to report earnings of 33 cents a share on $4.53 billion in revenue, according to a consensus estimate from Thomson Reuters.
Starbucks stock jumped 5 percent after the news. (Click here to track its shares.) (SBUX)
"This is the strongest non-holiday quarter in our over 20 year public life so it's pretty incredible," said Starbucks CEO Howard Schultz on CNBC's "Closing Bell."
Comps in its China/Asian Pacific unit were especially robust, rising 12 percent.
Schultz noted the chain is seeing a significant amount of interest in its new flat white beverage.
During the quarter, a record 1.3 million new rewards members joined the program, bringing total active membership to 10.3 million.
Revenue in the company's channel development segment, which includes sales of packaged coffee, jumped 16 percent.
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