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Global coffee chain Starbucks profit up in Q3 2013

RBR Staff Writer Published 26 July 2013

International coffeehouse chain Starbucks posted a 25% jump in third-quarter profit, as company witnessed strong growth in US, China and Asia Pacific regions, and margins improved.

The company reported a 13.3% increase in net revenues to $3.74bn for the third quarter ended 30 June 2013 compared to $3.30bn for the year-ago quarter.

Net income for the third quarter amounted $417.8m, as against to $333.1m a year ago.

Global same-store sales rose by 8%, mainly driven by 7% growth in traffic.

Geographically, Americas and China & Asia Pacific each gained 9% while Europe, Middle East and Africa was up 2%.

Revenues in the Americas were up 12% against last year. China & Asia Pacific sales jumped 29%.

Starbucks chairman, president and CEO Howard Schultz said: "Our more than 19,000 store global footprint, our fast-growing CPG presence and our best-in-class digital, card, loyalty and mobile capabilities are creating a 'flywheel' effect elevating the relevancy of all things Starbucks, and driving profitability."