Starbucks Posts 47% Gain in Quarterly Profit
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Starbucks Corp. said quarterly profit rose 47%, helped by its aggressive store expansion and an extra week in the period.
Net income climbed to $103 million, or 25 cents a share, from $70 million, or 17 cents, a year earlier. Revenue rose 34% to $1.5 billion.
Starbucks shares fell more than 2% to $54 in after-hours trading after the announcement. The stock had fallen 47 cents to $55.29 on Nasdaq.
* Whole Foods Market Inc., the largest U.S. natural-foods grocer, said fiscal fourth-quarter profit rose 27% to $30.2 million. Net income was 46 cents a share, up from $23.8 million, or 38 cents a share, a year earlier. Sales rose 24% to $927.3 million.
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