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Starbucks profit up, but Europe shows weakness

Tags: Retail, Starbucks

Starbucks Corp. (SBUX-Q) reported higher quarterly profit but global sales at established coffee shops fell short of analysts' estimates due to weakness in Europe.

Sales from cafes open at least 13 months fell 1 percent in Europe, the Middle East and Africa (EMEA) during the quarter, but were up 8 percent in the Americas and 18 percent in the China/Asia Pacific region.

Analysts polled by Consensus Metrix were expecting same-stores sales to rise 2.2 percent in EMEA, 8.1 percent in the Americas, and 18.3 percent in China/Asia Pacific.

Starbucks chief financial officer Troy Alstead said the economy in Europe is "challenging". He said same-store sales fell in Germany, which tends to be very sensitive to economic events, and were up just slightly in France and the United Kingdom.

Net income at the world's biggest coffee chain was up almost 19 percent to $309.9 million US, or 40 cents per share, for the second quarter ended April 1.

Total revenue rose 15 percent to $3.2 billion. CTV Two CTV News CTV News Channel BNN - Business News Network CP24