Growth in the U.S. and expansion in China and the rest of Asia helped contribute to a 13% increase in earnings during the first quarter for Starbucks Corp. The company is also expanding its product offerings with new platforms such as the Verismo machine, and the acquisition of Teavana Holdings, Inc. gives the company opportunity to find strength in tea offerings.For the quarter ended Dec. 30, Starbucks had earnings of $432.2 million, equal to 57c per share on the common stock, which compared with an income of $382.1 million, equal to 50c per share, during the same quarter of the previous year. Revenue for the quarter was $3,799.6 million, up 11% from $3,435.9 million during the same quarter of the previous year.
“Solid growth in our U.S. retail business, further expansion of our channel development initiatives and continued successful execution against our expansion plans throughout China and Asia Pacific all contributed to the record results we announced today,” said Howard Schultz, chairman, president and chief executive officer. “Starbucks has never been better positioned to achieve the goals we have set for ourselves around the world, and I have never been more optimistic about our future.”
For fiscal year 2013, Starbucks expects earnings per share of $2.06 to $2.15. The company expects to open 1,300 net new stores globally during the year with about 600 net new stores in the Americas and about 600 net new stores in China/Asia Pacific, with more than half of those stores in China.
