17:41 ET<\/span><\/span><\/p>\nUS coffee giant Starbucks has announced a sharp jump in quarterly profits, roughly in line with analysts’ expectations.<\/p>\n
Net income for the three months to 3 April was $261.6m (\u00a3157.3m), up 20% on the $217.3m the company made a year earlier. Revenues rose 10% to $2.8bn.<\/p>\n
But Starbucks said rising commodity costs would have a bigger impact this year than previously forecast.<\/p>\n
Its shares fell slightly in after-hours trading as a result.<\/p>\n
These higher costs meant that the chain’s latest full-year forecast failed to hit market expectations.<\/p>\n
Like-for-like sales, which strip out the impact of stores open less than a year, rose by 7% in the US in the first quarter. Equivalent international sales rose by 4%.<\/p>\n
“Starbucks’ record fiscal second quarter results reflect solid performance and execution across all of our businesses,” said Starbucks’ chief executive Howard Schultz.<\/p>\n
“Our sales, traffic and customer trends all point to the expanding power of the Starbucks business.”<\/p>\n
The company has recently undergone a restructuring programme designed to reduce costs, which involved concentrating on core markets and shutting hundreds of stores.<\/p>\n<\/div>\n
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