News

Starbucks earnings up 18 percent

January 30, 2007

SEATTLE — Starbucks Corp. announced today that net earnings for the company's fiscal 2007 first quarter increased 18 percent to $205 million, up from $174 million for the same period last year.

Revenues for the quarter increased 22 percent to $2.4 billion, with comparable-store sales increasing six percent.

Starbucks opened a record 728 stores during the quarter, bringing the company's worldwide total to 13,168. Of those, 7,521 are company-owned stores and 5,647 are licensed stores.

Starbucks officials are forecasting 20 percent total net revenue growth for 2007. The company plans to open at least 2,400 new stores during the year, they said.