Starbucks Corp. is raising its profit outlook for 2019 after better-than-expected results in its most recent quarter.
The Seattle-based coffee company said Thursday it earned $663.2 million, or 53 cents per share, in its fiscal second quarter, up slightly from the January-March period a year ago.
Excluding one-time items, such as the sale of its Tazo tea brand, Starbucks earned 60 cents per share. That beat Wall Street's estimate of 56 cents, according to a survey of 13 analysts by Zacks Investment Research.
FILE- In this March 5, 2019, file photo Kevin Johnson, right, CEO of Starbucks, makes coffee using a siphon method alongside barista Dylan George, left, as Johnson visits the company's Starbucks Reserve store in the company's headquarters building in Seattle's SODO neighborhood. Starbucks Corp. reports earns on Thursday, April 25. (AP PhotoTed S. Warren, File)
Same-store sales rose 3% globally, meeting analysts' forecasts. Revenue rose 4.5% to $6.31 billion, which was also in line with analysts' forecasts.
The company said it now expects full-year earnings in the range of $2.75 to $2.79 per share, up from its previous guidance of $2.68 to $2.73. It reiterated that it expects same-store sales to grow 3% to 4% globally this year.
Starbucks' shares rose 1.5% to $78.30 in after-hours trading following the earnings report.
The company said store transactions were flat in the Americas, Asia and Europe. But customers spent more per order.