Starbucks Corp reported quarterly profit that matched Wall Street expectations, and shares slipped 2.7 percent after the low end of its fiscal 2010 profit forecast missed Wall Street's view.
Net income for the fiscal third quarter ended June 27 was $207.9 million, or 27 cents per share, versus $ 151.5 million, or 20 cents per share, a year ago.
Starbucks earned 29 cents per share excluding charges in the latest quarter, matching the average analyst estimate, according to Thomson Reuters I/B/E/S.
Net revenue rose 9 percent to $2.61 billion. Sales at restaurants open at least 13 months -- a key gauge of retail health -- increased 9 percent.
The Seattle-based chain, which recently completed a restructuring, raised its fiscal 2010 earnings target to $1.22 to $1.23 per share from $1.19 to $1.22 per share. Analysts, on average, were looking for a profit of $1.23 for the fiscal year ending September 2010.
Starbucks shares slipped to $24.50 in extended trade after closing down 2.3 percent to $25.17 on the Nasdaq. Shares in Starbucks are up just over 9 percent this year.
(Reporting by Lisa Baertlein. Editing by Robert MacMillan)