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Starbucks reports higher profit but growth slows

3:17 PM, Jan 25, 2014   |    comments
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NEW YORK (AP) - Starbucks says its quarterly profit rose by 25 percent as it benefited from lower coffee costs and stronger sales around the world.

The Seattle-based coffee company says global sales rose 5 percent at established locations. That was slower than the increase in the previous quarter, however, and total sales fell short of Wall Street expectations.

Sales at established locations rose 5 percent for the U.S. and the region encompassing Europe.

For the three months ended Dec. 29, it earned $540.7 million, or 71 cents per share. That was more than the 69 cents per share analysts expected.

A year ago, it earned $432.2 million, or 57 cents per share.

Revenue rose to $4.24 billion, shy of the $4.3 billion Wall Street expected.

(Copyright 2014 The Associated Press. All rights reserved.)

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