Starbucks post 18.5% increased net earnings in Q2 2012
Apr 27, 2012 (Menafn - M2 EQUITYBITES via COMTEX) --Coffee company Starbucks Corporation SBUX on Thursday reported net earnings of USD310m, or diluted EPS of USD0.40, for the second quarter of fiscal 2012, ended 1 April 2012.
This was in comparison with net earnings of USD261.6m, or diluted EPS of USD0.34, in Q2 fiscal 2011, representing an 18.5% and 17.6% increase in net earnings and EPS, respectively.
Total net revenues for the quarter were up by 15% to USD3.2bn, as compared with USD2.78bn in Q2 of the prior fiscal year. Global comparable store sales increased 7%, driven by a 6% increase in traffic and a 1% increase in average ticket
Also, Starbucks updated fiscal 2012 targets and is now targeting revenue growth in the low teens, driven by mid-single-digit comparable store sales growth, 1,000 net new store openings and continued strong growth in the Channel Development business. The company is maintaining its full-year operating margin improvement target of 50 to 100 basis points over FY11 non-GAAP results on a consolidated basis.
In addition, given the strong Q2 YTD FY12 results, the company has raised its expectation for EPS to a range of USD1.81 to USD1.84, representing a 19% to 21% growth over EPS of USD1.52 in fiscal 2011, excluding the FY11 non-routine gains. EPS growth is expected to be approximately 25% to 29% in the second half of FY12, or EPS of USD0.45 to USD0.46 in Q3 2012 and USD0.46 to USD0.48 earnings per share in Q4 2012.
Further, Starbucks said that, during the quarter, it had opened 176 net new stores globally, including its 3,000th store in the China/Asia Pacific segment, its first store in Norway and the first Evolution Fresh store in Bellevue, Washington.
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