| As of Thursday, August 13th: |
Since the start of the quarter, the Q2 growth rate has risen from -31.1% to -28%. (Data provided by Thomson Reuters)
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Starbucks posted quarterly earnings Tuesday that handily topped analysts' estimates as the world's biggest coffee chain began reaping rewards from slashing costs and closing stores, sending its shares higher in extended trading.
Net income for its fiscal third-quarter ended June 28 was $151.5 million, or 20 cents per share. A year earlier, Starbucks reported a net loss of $6.7 million, or 1 cent per share—its first quarterly net loss as a public company.
Excluding restructuring charges, Starbucks earned 24 cents a share in the latest quarter.
Video: Andrew Feltus, Pioneer Investments and Dan Cook, IG Markets, discuss the day's market activity and provide analysis of Starbucks' earnings announcement.
Analysts, on average, had been looking for a profit before items of 19 cents per share, according to Reuters Estimates.
Total revenue fell to $2.4 billion from $2.6 billion.
Starbucks global same-store sales fell 5 percent, after sales at established U.S. restaurants declined 6 percent.
The chain, which faces increasing competition in coffee from the likes of global fast-food giant McDonald's [MCD
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], has cut jobs, attacked expenses and targeted more than 1,000 stores around the world for closure. It also has selectively lowered prices to attract and retain consumers in a lingering recession.
The shares [SBUX
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] finished down 1.5 percent at $14.69 on the Nasdaq in the regular trading session but jumped almost 10 percent in extended trade.
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Data is a real-time snapshot *Data is delayed at least 15 minutes