Seattle -- Starbucks Corp.’s fiscal fourth-quarter profit jumped nearly 29%, beating Wall Street estimates on strong sales around the globe. The company earned $358.5 million in the quarter, up from $278.9 million last year. Revenue rose 7% to $3 billion, with some benefit from foreign exchange rates. Same-store sales increased 9%, with a 10% rise in the United States.
“Starbucks Coffee Co. has never been stronger or better positioned for sustained, profitable growth than it is today," said Starbucks CEO Howard Schultz. "I have never in my career been more excited or more optimistic about where Starbucks is and where we are going as a company, or felt more strongly that we have the tools in the right places to get us there."
It was not too long ago that many industry experts warned that increased competition by Dunkin’ Donuts and McDonalds would have a negative impact on Starbucks’ performance. On a conference call, Schultz suggested that the competition had the opposite effect in that it had the opposite effect in that it “has helped Starbucks create awareness, new customers and obviously distance between them and us.”
Discussing the company’s fourth quarter performance, the CEO said the company was most proud of “being able to put these numbers up against unbelievable significant headwinds not only about the economy but commodity costs.”
For the full fiscal year, Starbucks’ net income rose nearly 32% to $1.25 billion, Revenue increased 7% to $11.7 billion for the year.
"Starbucks today is executing in all markets and across all channels," Schultz said in a statement. "We have never been better positioned to go hard and go fast after the tremendous opportunity that lies ahead in 2012 and beyond."