November 3, 2011 / 8:30 PM / 7 years ago

Starbucks profit up despite economic jitters

(Reuters) - Starbucks Corp’s (SBUX.O) quarterly profit rose after the summer’s economic jitters failed to dilute the coffee buying habits of the world’s largest coffee chain’s customers.

A cup of Starbucks coffee sits on a table in a cafe in central Hong Kong January 16, 2011. REUTERS/Joel Boh

The stock, which closed at $41.40, rose 2.8 percent to $42.56 in after-hours trade.

Fourth-quarter net income hit $358.5 million, or 47 cents per share, including gains of 10 cents per share, the company said Thursday. In the year-earlier quarter, Starbucks made a profit of $278.9 million, or 37 cents per share.

Total revenue rose almost 7 percent to $3.03 billion for the quarter ended Oct 2.

Global sales at cafes open at least 13 months jumped 9 percent, better than the 6.5 percent gain analysts, on average, had expected according to Thomson Reuters data.

U.S. same-restaurant sales were up 10 percent.

Reporting by Lisa Baertlein; Editing by Richard Chang

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