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Oct, 30 2015

Starbucks brewed good sales in the fourth quarter

Starbucks also forecast fiscal 2016 earnings, excluding items, of $1.87 to $1.89 per share, in line with analysts\' average call for $1.88 per share.

Starbucks, one of the largest coffee chains, has reported a sales growth of approximately eight per cent for the fourth quarter.

According to Reuters, the shares fell more than 3 percent after the richly valued cafe chain's 2016 forecast offered little upside to Wall Street's target.

Starbucks said on Thursday global sales at cafes open at least 13 months were up 8 percent in the fourth quarter ended September 27, beating than the 6.9 percent rise expected by analysts polled by research firm Consensus Metrix.

Those sales grew 7 percent in the third quarter.

Starbucks' U.S.-dominated Americas unit contributes the majority of Starbucks' revenue. It also includes Canada and Latin America.

The Seattle-based company's net earnings jumped 11 percent to $652.5 million, or 43 cents per share.

Starbucks also forecast fiscal 2016 earnings, excluding items, of $1.87 to $1.89 per share, in line with analysts' average call for $1.88 per share.

Shares of the company fell $2.05 in after-hours trading, after closing at $62.50 on Nasdaq.

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