Starbucks Corp. reported a profit for its third fiscal quarter after posting a loss in the same quarter a year ago, citing management moves but the global coffee chain also saw its revenue fall as sales at stores open for more than a year declined.
For the past year, the Seattle-based coffee retailer has been closing stores and looking for ways to reduce inefficiencies in its operations.
The company reported earnings per share of 20 cents, compared with a 1 cent loss in the year ago period, or a $151.5 million gain compared with a loss of $6.7 million a year earlier.
Excluding restructuring charges, the company earned 24 cents per share, beating average analysts' predictions of 19 cents EPS, according to Reuters Estimates.
Total net revenues were $2.4 billion, down 6.6 percent from $2.6 billion in the third quarter a year ago, primarily due to a five percent fall in comparable store sales, the company said in a released statement.
Comparable store sales, also known as same store sales, were up 8 percent compared to the second fiscal quarter, the company noted.
Howard Schultz, the chief executive of the Seattle-based global chain said in a statement today that changes at the company, including consumer targeted initiatives and cost structure changes were delivering improvements in comparable store sales that were starting to be reflected in the company's financial performance.
The company said it expects to achieve full year earnings per share within a range of 44 cents to 45 cents per share.
Last Updated at 8:08 p.m. EST