Starbucks posted buoyant quarterly results, showing revenues jumping by 13 per cent to $4.9bn, far beyond analysts’ expectations.
Profits were also up, with earnings per share reaching $0.41 against $0.34 in the same period last year.
The coffee company’s share price has risen 38 per cent over the year, and it hit an all-time high earlier in July. After the report, shares surged 2.3 per cent in after-hours trading.
Why it's interesting
This is a positive break in tradition for Starbucks, as the company has missed seven out of the ten last sales forecasts. It seems the strategy of diversifying its business model has paid off, with mobile payments and expansion beyond coffee.
What they said
Chief executive Howard Schultz commented that the quarter was:
Clearly evidencing a continuation of the strong momentum we have seen across our business and around the world this fiscal year.