As more coffee lovers visit Starbucks cafes and spend more, the company's fourth-quarter net income nearly doubled, handily beating estimates.
The world's largest cafe chain earned US$278.9 million ($351.2 million), or 37 cents per share, in the quarter that ended October 3. That compares with $150 million, or 20 cents per
share, a year earlier.
Revenue rose 17.2 per cent to $2.84 billion.
The rising traffic was particularly strong in US Starbucks stores, where 6 per cent more people came in and each spent 2 per cent more, on average, than a year earlier. Abroad, 4 per cent more people came in and spent an average of 3 per cent more on their purchases.
The company also announced a cash dividend of 13 cents per share.
Starbucks shares, which set a 52-week high of $30 during regular trading, rose 77 cents, or 2.6 per cent, after hours to $30.52. They had closed at $29.75, up 65 cents, or 2.2 per cent.
For the full year, the company earned $945.6 million, far more than the $390.8 million it earned in fiscal 2009. This year's fiscal calendar included an extra week.
The company expects earnings per share of $1.41 to $1.47 for next year, up from $1.36 to $1.41 per share.
