Starbucks has warned that profits for its next year will fall below expectations despite reporting a 13% rise in net revenues to $3.8bn in Q4.
Operating income increased 29% to $669m in the quarter, with operating margin up 20 basis points to 17.6% and earnings per share up 37% to $0.63 per share. It opened 558 net new stores in the quarter.
Across the year, revenues increased 12% to £14.9bn on sales up 7%. Operating income grew 23% to $2.5bn.
According to Thompson Reuters, the average estimate from analysts for Starbucks’ full-year profit was $2.67 per share. Starbucks repeated its forecast of between $2.55 and $2.65.
“The fourth quarter of fiscal 2013 capped off by far the best year in Starbucks 42-year-history,” said Howard Schultz, chairman, president and chief executive of Starbucks Coffee Company.
“Our results were driven by disciplined, ongoing efforts to elevate the value and relevance of the Starbucks brand, continued innovation and the success of our efforts to deepen our connection to customers and communities around the world.
Troy Alstead, chief financial officer and group president, said: “Today Starbucks announced incredible fourth quarter results in what has been a truly outstanding year. Outstanding global sales growth combined with record earnings and operating margin demonstrate the fundamental health of our business model and our continued ability to successfully execute on new initiatives while maintaining financial discipline. The strong momentum of the fourth quarter gives us further confidence in our robust outlook for fiscal 2014.”
