Starbucks Jumps on Stellar Earnings Results

Shares of Starbucks SBUX are trading higher in the after-hours following the release of the company's Q3 earnings results. Currently, shares are higher by 2.25%, at $40.88; they ended the regular session higher by 2.59%, at $39.98. Starbucks reported Q3 EPS of $0.36 on revenues of $2.93 billion; the Street was looking for $0.34 per share on revenues of $2.84 billion. Revenues increased 12% year over year. Global same store sales increased 8%. "Starbucks record third quarter results reflect both the underlying strength and continuing momentum we have been experiencing across all of our business segments and around the world," said Howard Schultz, chairman, president and CEO. "These results demonstrate the power, and the extraordinary global potential, of our unique new business model. Starbucks has never been healthier, more connected to our customers and partners, or better positioned to go after the tremendous business opportunities that lie ahead," Schultz added.” Starbucks Corporation is the roaster and retailer of specialty coffee in the world, operating in more than 50 countries. Starbucks purchases and roasts whole bean coffees and sells them, along with handcrafted coffee and tea beverages and a variety of fresh food items, through company-operated retail stores.