Industry News | October 24, 2002

Starbucks Raises Fourth Quarter and FY2002 EPS Goals

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At the fourth biennial Analyst Conference at its Seattle headquarters on Thursday, Starbucks revealed positive growth trends in both the short and long term outlook.

Starbucks announced an increase in the fourth quarter EPS goal from $0.14 to $0.15 and an increase in the fiscal 2002 EPS goal from $0.53 to $0.54, including a $0.03 per share one-time charge recorded during the second fiscal quarter and a $0.02 per share capital gain recorded during the first fiscal quarter of 2002. The company will announce fourth quarter and fiscal 2002 results on November 14, 2002.

For fiscal 2003, the company estimates EPS in $0.65 to $0.66 range. Over the next 3-5 years Starbucks estimates EPS growth of 20-25% per year.

The company also reiterated its long-term goal of more than 25,000 stores worldwide. It believes the North American market alone can support at least 10,000 company-owned or licensed stores, according to Mark Wesley, senior vice president, Store Development and Asset Management. Starbucks is aiming for 10,000 stores in 60 countries by the end of fiscal 2005.