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Starbucks has posted record revenues and earnings for Q1. The company said yesterday (26 January) that consolidated net revenues leapt by 24% to US$1.6bn for the three months to 2 January. Net earnings for the period rose by 31% year-on-year to US$145m. Earnings per share were up as well, to US$0.35 from US$0.27.

"Starbucks first quarter was built around our holiday promotion, which included our popular seasonal beverages, strong customer response to Starbucks Christmas Blend, and relevant gift options ranging from Starbucks Cards to Starbucks Hear Music offerings," said Jim Donald, CEO designate.

"Looking forward, we believe the innovative winter promotion currently underway in our stores, together with the outstanding Starbucks Experience our partners provide on a daily basis, present customers with a compelling reason to redeem their holiday Starbucks Cards."

The company said it expects to open around 1,500 new stores globally this year. Based on its Q1 earnings and updated business forecast for the remainder of the year, the company raised its earnings per share target range to between US$1.15 and US$1.17 for fiscal 2005, excluding the impact from expensing stock options. This is an increase from the company's original target range of $1.12 to $1.15 introduced in July 2004.

Starbucks reaffirmed its fiscal 2005 second and third quarter earnings per share growth targets and moderately increased its fourth quarter earnings per share targeted growth rate. Specifically, the company is targeting quarterly earnings per share in the range of US$0.23 to US$0.24 for Q2, US$0.29 to US$0.30 for Q3, and US$0.28 to US$0.29 for Q4 of fiscal 2005.


Sectors: Soft drinks

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