Starbucks beat on earnings, revenue is in line with estimates

Howard Schultz, chairman and former CEO of Starbucks
Adam Jeffery | CNBC
Howard Schultz, chairman and former CEO of Starbucks

Starbucks reported quarterly earnings that beat analysts' expectations on Wednesday, but revenue came in line.

After the earnings announcement, the company's shares fell 3 percent in extended-hours trading. (Click here to get the latest quotes for the coffee retalier.)

Starbucks posted GAAP net income of $481.1 million, or 63 cents per share, from $359 million, or 46 cents per share, a year earlier.

Revenue increased 13 percent to $3.80 billion from $3.36 billion a year ago. Consolidated operating margin increased 2.2 percent 17.6 percent during the period..

Analysts had expected the company to report earnings of 60 cents a share on $3.81 billion in revenue, according to a consensus estimate from Thomson Reuters.

"The fourth quarter of fiscal 2013 capped off by far the best year in Starbucks 42-year-history," said Howard Schultz, chairman, president and ceo of Starbucks Coffee Company.

The company said global comparable store sales for the 2013 fiscal year grew 7 percent, driven by a 5 percent increase in traffic. Growth in its Americas and the U.S. and China/Asia Pacific divisions was strongest.

The coffee chain reaffirmed its fiscal 2014 target of $2.55 to $2.65. Analysts polled by Thomson Reuters were expecting $2.67 earnings per share for the upcoming year.