Starbucks Corp. (SBUX) reported fourth quarter net income of $150.0 million or $0.20 per share, compared to $5.4 million or $0.01 per share in the prior year period. Non-GAAP net income for the quarter was $184.1 million or $0.24 per share, compared to $71.0 million or $0.10 per share in the previous year quarter.
On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share. Analysts' estimates typically exclude special items.
Revenues for the quarter declined to $2.42 billion from $2.51 billion in the preceding year period. Fifteen Wall Street analysts expected revenues of $2.39 billion.
Looking forward, the company increased its non-GAAP earnings per share outlook for fiscal year 2010 to a range of 15% to 20% growth over fiscal 2009 non-GAAP earnings per share of $0.80. The company previously expected adjusted earnings growth in the range of 13% to 18%.
The company is targeting revenue growth in the low-to-mid single digits, driven by modestly positive comparable store sales.
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