Starbucks net revenues rise 34 percent

Starbucks Corp., yesterday announced that its consolidated net revenues were $1.5 billion for the fourth quarter ended Oct. 30, up 34 percent from the $1.1 billion reported for the same period the previous year. Net earnings increased 49 percent to $103 million. "Our aggressive global store expansion, innovation ranging from food and beverage to music and execution of new and expanded agreements for licensing, grocery and foodservice all contributed to our results," said Howard Schultz, chairman, in a statement. Starbucks also provided additional detail on current fiscal 2005 targets: the company expects to open about 1,500 new stores on a global basis in fiscal 2005; Starbucks is targeting total net revenue growth of about 20 percent; Starbucks is targeting earnings per share of $1.12 to $1.15 for fiscal 2005; the company expects quarterly earnings per share growth rates to be in the 20 to 25 percent range; the effective tax is targeted to be 37.5 percent; and capital expenditures are expected to be in the range of $600 to $650 million in fiscal 2005.