Starbucks (SBUX 0.93%) reported fiscal 2014 third-quarter earnings results after the market close today that trounced Wall Street estimates. For the period ended June 29, Starbucks generated a record profit of $0.67 per share, up 22% from the same quarter a year ago. That was $0.01 ahead of analysts estimates for earnings per share of $0.66 in the quarter. Revenue was another bright spot, surging 11% to $4.2 billion in the third quarter. This beat analyst estimates for revenue of $4.1 billion in the period.
Source: Starbucks.
This was the 18th consecutive quarter in which Starbucks achieved global comp growth of 5% or greater, with the coffee giant posting global same-store sales growth of 6% in the quarter. Starbucks achieved other notable milestones in the quarter, as well, including growing its operating margin to a third-quarter record of 18.5%. The specialty coffee retailer opened 344 new stores worldwide in the period, and now has a worldwide presence that includes 20,863 stores across 64 countries. Starbucks is now on pace to open 1,550 net new stores in fiscal 2014.
"The increasing power of the Starbucks brand, the success of our best-in-class mobile, social and digital technologies and our greatest asset -- over 300,000 partners who deliver the Starbucks Experience to over 70 million customers around the world each week -- position us to continue growing our business around the world and into the future," said Howard Schultz, Starbucks chief executive.
Shares of Starbucks were up nearly 2% in after-hours trading, at around $80.45 a share, as of 4:30 p.m.
