LOS ANGELES (Reuters) – Starbucks Corp forecast full-year earnings below analysts' expectations as the company expects rising coffee prices to hit profits more than it previously thought.The world's largest coffee chain said it now expects earnings of $1.43 to $1.47 a share for fiscal year 2011, compared with the average analyst expectation of $1.49 a share. The company expects commodity costs to cut earnings by about 20 cents a year, compared with a forecast of 8 cents to 10 cents a share in November.For the fiscal first quarter ended January 2, profit was $346.6 million, or 45 cents a share, up from $241.5 million, or 32 cents a share, a year earlier. Analysts, on average, were looking for a profit of 39 cents per share for the latest quarter, according to Thomson Reuters I/B/E/S.Sales at Starbucks cafes open at least 13 months were up 8 percent in the United States and up 5 percent internationally for the holiday quarter, which traditionally is Starbucks' biggest for revenue.Starbucks shares were down 2 percent at $32.40 in after-hours trading.(Additional reporting by Brad Dorfman; Editing by Phil Berlowitz)Early Morning Breaks (22 march 2009).The Altamirian.Pearl Diver One.Louie Vega in the House LP2 .Moloch Book of Angels volume 6
Starbucks forecast takes hit from coffee costs
LOS ANGELES (Reuters) – Starbucks Corp forecast full-year earnings below analysts' expectations as the company expects rising coffee prices to hit profits more than it previously thought.The world's largest coffee chain said it now expects earnings of $1.43 to $1.47 a share for fiscal year 2011, compared with the average analyst expectation of $1.49 a share. The company expects commodity costs to cut earnings by about 20 cents a year, compared with a forecast of 8 cents to 10 cents a share in November.For the fiscal first quarter ended January 2, profit was $346.6 million, or 45 cents a share, up from $241.5 million, or 32 cents a share, a year earlier. Analysts, on average, were looking for a profit of 39 cents per share for the latest quarter, according to Thomson Reuters I/B/E/S.Sales at Starbucks cafes open at least 13 months were up 8 percent in the United States and up 5 percent internationally for the holiday quarter, which traditionally is Starbucks' biggest for revenue.Starbucks shares were down 2 percent at $32.40 in after-hours trading.(Additional reporting by Brad Dorfman; Editing by Phil Berlowitz)Early Morning Breaks (22 march 2009).The Altamirian.Pearl Diver One.Louie Vega in the House LP2 .Moloch Book of Angels volume 6