LOS ANGELES (Reuters) - Starbucks Corp whipped up a quarterly profit that topped Wall Street's view on Wednesday, helped by its first increase in sales at established U.S. restaurants in more than two years, and its shares rose 2.4 percent.
Sales at U.S. restaurants open at least 12 months rose 4 percent during the quarter ended Dec 27. The last time STARBUCKS (SBUX.NQ)posted a gain in U.S. same-store sales was the fiscal fourth quarter ended September 2007.
The Seattle-based chain, which slashed costs and shuttered more than 900 outlets in a broad-based restructuring, also raised its forecast -- calling for earnings per share in the range of $1.05 to $1.08, excluding about 3 cents per share in restructuring charges. It would be an increase of more than 30 percent from the previous year.
Net income was $241.5 million, or 32 cents per share, for the fiscal first quarter. A year earlier, Starbucks' net income was $64.3 million, or 9 cents per share, in the quarter that covers the U.S. holidays.
Excluding items, Starbucks earned 33 cents a share in the latest quarter, topping analysts' average forecast of 28 cents per share, according to Thomson Reuters I/B/E/S.
Total net revenue was rose to $2.7 billion compared with $2.6 billion a year earlier.
Shares in Starbucks, which closed at $23.29, rose to $23.85 in extended trade.
(Reporting by Lisa Baertlein; Editing Bernard Orr)
