Starbucks sales surge 18% in Q3 - USA TODAY
“Starbucks Q3 fiscal 2015 stands as among the strongest and most remarkable quarters in our over 23 years as a public company,” said company CEO Howard Schultz. Shares were trading at $59. 40 up 5% in after-hours trading for the Seattle-based coffee company which saw global and domestic same-store sales jump 7% for the third fiscal quarter. Analysts had projected net income of $0. 41 per share, according to the consensus of analysts surveyed by Consensus Matrix. Even as Starbucks celebrated the strong earnings report, Schultz said that double-digit growth was not something that the company can sustain long-term. The company is projecting full year revenue growth of 16% to 18%. "We don't expect internally to maintain these kinds of high-level, high single digit (growth) numbers and the kind of traffic numbers" Starbucks saw during the third quarter,... "I think going forward mid-single digit numbers and a modest traffic number is the kind of the numbers you are putting in your model. After the closing bell, Starbucks announced its board of directors had authorized the repurchase of an additional 50 million shares of the company's common stock under its ongoing share repurchase program. Source: www.usatoday.com
