SEATTLE (AP) — SEATTLE (AP) — Starbucks Corp. (SBUX) on Wednesday reported fiscal first-quarter net income of $293.3 million.
The Seattle-based company said it had net income of 26 cents per share. Earnings, adjusted for pretax expenses and restructuring costs, came to 56 cents per share.
The results fell short of Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 58 cents per share.
The coffee chain posted revenue of $9.92 billion in the period, beating Street forecasts. Nine analysts surveyed by Zacks expected $9.64 billion.
Starbucks expects full-year earnings in the range of $2.15 to $2.40 per share.
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