Starbucks reports caffeinated profits

July 26, 2002

Starbucks reports caffeinated profits

Starbucks Corp. reports quarterly earnings of $56.2 million (14 cents a share) on revenues of $835 million. Profits rose 20 percent from year-ago levels, mostly because of expansion, but even same-store sales were up 8 percent year-to-year.

"We believe the key to building shareholder value is continued rapid growth coupled with solid financial results," company chairman Howard Schultz said, adding that Starbucks intended to open 1,200 new locations this year and another 1,200 next year, with the long-term goal of having 10,000 stores in three years.

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