Seattle -- Starbucks Coffee Co. reported a higher-than expected net income of $359 million for its fourth quarter, compared with $358.5 million in the year-ago period. The company also raised its earnings estimate for the next fiscal year.
Revenue rose 11% in the fourth quarter, to $3.36 billion. Same-store sales rose 6%, fueled by higher customer traffic.
“Our Q4 and overall 2012 fiscal year performance demonstrates the strength of our business and brand,” said Howard Schultz, chairman, president and CEO, Starbucks. “The resiliency and relevance of our U.S. retail business, acceleration of the Channel Development business and expansion in Asia all contributed significantly to our strong results.”
The company said it was accelerating its store growth target for fiscal 2013 through the op