Seattle-based Starbucks Corp. (NYSE:SBUX) late Thursday reported a 35 percent increase in fourth-quarter earnings but forecast earnings for 2008 that are below many Wall Street estimates, citing weak consumer spending.
The company's fiscal fourth-quarter net income rose to 21 cents per share, or $158.5 million up from 15 cents per share, or $117.3 million in the year-ago period.
The report showed the amount of customers flowing through Starbucks Corp.'s U.S. stores dropped during the fourth quarter for the first time since 2004.
Starbucks said total revenue rose 22 percent to $2.44 billion for the three months ended Sept. 30.
It expects fiscal 2008 earnings-per-share of $1.02 to $1.05, a gain of at most 22 percent, less than it's previous forecast of 22 percent. Analysts had expected earnings of $1.05 per share.
Sales at coffee shops open at least 13 months, or same-store sales, rose 4 percent during the quarter, helped by a July price increase.
Starbucks shares fell to $22.80, or 5.4 percent, in extended trade after closing at $24.10 Thursday on Nasdaq.