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Starbucks cafe sales heat up slightly in latest quarter

Starbucks reported quarterly earnings that met analysts' expectations on Thursday, but revenue trailed expectations as sales at established U.S. stores slightly increased from last quarter.

After the earnings announcement, the company's shares rose about 1 percent in extended-hours trading. (Click here to track its shares following the report.)

The company posted fiscal second-quarter earnings of 56 cents per share on $3.87 billion in revenue.

Wall Street had forecast Starbucks would deliver fiscal second-quarter earnings of 56 cents a share on $3.95 billion in revenue, according to a consensus estimate from Thomson Reuters.

A Starbucks coffee location in London.
Getty Images
A Starbucks coffee location in London.

Global sales at Starbucks cafes open at least 13 months rose 6 percent for the second quarter, versus analysts' average estimate for a 5.4 percent gain, according to Consensus Metrix.

That figure included a 6 percent increase for the Americas region that contributes the majority of Starbucks revenue. Analysts also expected a 5.4 percent rise from the Americas.

Starbucks' Americas region sales were up 5 percent in the first quarter. Last fiscal year, Americas region sales were up 8 percent in the fourth quarter and up 9 percent in the third quarter.

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Net earnings rose 9.4 percent to $427 million, or 56 cents per share, for the fiscal second quarter ended on March 30, in line with analysts' average estimate complied by Thomson Reuters I/B/E/S.

Starbucks now expects fiscal 2014 earnings per share in the range of $2.62 to $2.68, up from a range of $2.59 to $2.67 previously.

Last month, Starbucks and Keurig Green Mountain amended terms to their existing multi-year agreement. Under the updated agreement, Starbucks will expand its range of K Cup offerings.

Starbucks has also vowed to greatly ramp up its presence in the tea business following its acquisition of Teavana in 2012. It recently unveiled a partnership with Oprah to create a tea flavor and merchandise. They will be available in Starbucks and Teavana stores starting later this month.

—By Reuters with CNBC

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