Starbucks (NASDAQ:SBUX) posted good earnings . Revenue for the quarter ending September 28, 2009 was $2.4 billion compared to $2.5 billion in the same quarter. For the period, EPS was $.20 compared to $.01 last year.
The news that heartened investors was that Starbucks CFO said “we are increasing our non-GAAP EPS outlook for fiscal year 2010 to a range of 15% to 20% growth over fiscal 2009.”
Restructuring charges of $53.2 million for the quarter were nearly all due to lease exit and other costs associated with the closure of U.S. and International company-operated stores.
Starbucks said that it expected modest improvement in same-store sales in the fiscal year that begins with the current quarter.
Starbucks traffic is a reasonable proxy for discretionary spending among middle class and upper class Americans. It appears that the Starbucks forecast dovetails with a very modest improvement in the economy next year.
Douglas A. McIntyre
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