Starbucks posts 27 percent earnings increase

SEATTLE — Starbucks Corp. reported today that its fiscal second-quarter earnings rose 27 percent, citing brisk customer demand for its coffee drinks and a strong showing of its spring line of green tea beverages.

For the 13 weeks ended April 2, the coffee seller said it has profits of $127 million, or 16 cents per share, up from $100 million, or 12 cents a share, in the same period a year earlier. Revenue for the latest quarter increased to $1.89 billion million, up from $1.5 billion last year.

The results, released after the market closed, beat the consensus forecast of analysts surveyed by Thomson Financial, which was 14 cents per share on revenue of $1.87 billion.

Shares of Starbucks closed at $37.35 on the Nasdaq Stock Market on Wednesday, down 47 cents or 1.24 percent, then fell another 46 cents in after-hours trading to $36.89. The stock has traded in a 52-week range of $22.70 to $39.50.

As of April 30, Starbucks had a worldwide total of 11,377 stores in 37 countries. It opened 755 stores in the United States during the 30 weeks ending April 30, and 381 stores overseas.

Based on its results for the first half of the year and increased confidence in the second half, Starbucks gave its full-year earnings forecast a slight boost, saying it expects 71 cents to 72 cents per share, up from the previous forecast of 68 cents to 70 cents.