The modern coffeehouse pioneer reported net income Wednesday night of $241.5 million. During the same period a year ago – when the recession was in full force and Starbucks shuttered more than 900 outlets and laid off workers to cut costs – it posted profits of $64.3 million.
Revenues in the most recent quarter jumped 4% to $2.7 billion.
Sales at stores open at least a year – considered a key measure of a retailer’s health – rose 4%. The last time Starbucks posted a gain in so-called same-store sales was during the third quarter of 2007.
The results suggest many consumers are again willing to indulge in small luxuries after many months of curbing spending on all but essentials.
In the coming year, Starbucks plans to open about 100 new shops in the U.S. and 200 internationally. The chain has more than 16,000 outlets worldwide.
Starbucks shares climbed 64 cents, or 2.8%, in after-hours trading to $23.93. It lost 29 cents to $23.29 in regular trading.
Read more: http://www.nydailynews.com/money/2010/01/21/2010-01-21_starbucks_perking_up_after_quarterly_profits_nearly_quadruple_from_year_ago.html#ixzz0dJd2R2T0