Starbucks ups forecast for 2013 as its profit beats expectations

RELENTLESS demand for cappuccinos and lattes fuelled a higher than expected fourth quarter profit for Starbucks.

The coffee chain, the largest in the world, last night reported net profit of $359m (£222.6m), for the three months to the end of September, up from $358.5m for the same period a year ago.

Overall, revenue rose 11 per cent to $3.36bn.

On the back of the strong performance, Starbucks raised its earnings per share forecast for 2013 to between $2.06 to $2.15 a share, from $2.04 to $2.14 per share previously.

Global sales at stores open at least 13 months rose six per cent, helped by a five per cent increase in traffic and a one per cent rise in average spending per visit.

It said it would now open 1,300 new stores globally, up from the 1,200 originally planned.

Shares jumped 6.3 per cent to $49.55 in after hours trading.