Coffee May Cause High Achievers To Slack Off
Drinking coffee may make high achievers slack off, according to a new study. REUTERS

(REUTERS) -- Starbucks Corp's reported a quarterly profit that topped Wall Street's view after global economic worries failed to weaken demand for drinks and other products from the world's biggest coffee chain.

Based on its better-than-expected fiscal first-quarter results, the company raised the low end of its full-year profit forecast to a range of $1.78 to $1.82 per share from $1.75 to $1.82.

Starbucks shares, up roughly 45 percent from a year ago and hovering near all-time highs, were off 1.1 percent at $47.79 in extended trading.

Global sales at cafes open at least 13 months jumped 9 percent, helped by an increase in customer visits and spending per transaction. That beat the 7.7 percent gain analysts, on average, expected, according to Thomson Reuters data.

Net income was $382.1 million, or 50 cents per share, for the quarter ended January 1. That was up from $346.6 million, or 45 cents, in the year earlier period.

Analysts, on average, were looking for a profit of 49 cents per share in the latest quarter, according to Thomson Reuters I/B/E/S.

Total revenue rose 16 percent to $3.4 billion.