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Starbucks Earnings Come In Line With Expectations
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Starbucks reported Q2 earnings of $0.56 per share, in line with expectations.
Revenue of $3.87 billion came in shy of expectations for $3.95 billion.
The coffee maker saw global comp store sales up 6%. Comp sales for the Americas was up 6%.
Starbucks saw its China and Asia Pacific revenue up 24% to $265.3 million. Comp sales in the region were up 7%.
"While global comparable store sales growth of 6% was impressive, and squarely in line with our targets, even more significant is the fact that we delivered strong, and balanced, revenue and profit growth across all of our reportable segments," said Howard Schultz, Ceo of Starbucks in a press release.
"The strong momentum we have created in the first half of the year, combined with our robust pipeline of innovation, give us confidence in our ability to meet our fiscal 2014 growth targets." The release didn't include commentary abou the drought in Brazil that drove up coffee prices.
Starbucks repurchased 3.5 million shares in the second quarter and declared a cash dividend of $0.26 per share, payable on May 23, 2014.
The stock is up 1% after hours.
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