EmailStarbucks (SBUX $39.45 -1.4%) Reported third quarter earnings of $0.36 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.34.
Revenues rose 12.3% year/year to $2.9 billion versus the $2.84 billion consensus. Consolidated same store sales were +8%.
Company issues in-line guidance for FY11, sees EPS of $1.50-1.51 vs. $1.50 Capital IQ Consensus Estimate. The company is now targeting fiscal 2011 revenue growth of approximately 10% on a comparable 52-week basis, driven by comparable store sales growth at the high end of its target range of 3% to 7%.
The company now expects to add approximately 600 net new stores (excluding the impact from Borders store closures), with approximately 100 in the U.S. and 500 in International markets. Operating margin for the C.P.G. segment is now expected to finish near the high end of the 25% to 30% range. For FY12, The company is planning to accelerate growth by opening approximately 800 net new stores globally.
