NEW YORK (AP) – Starbucks said its profit rose 16 percent during the first three months of the year, but sales fell shy of Wall Street expectations.
Shares of Starbucks were down 4.7 percent at $57.72 in after-hours trading.
The Seattle-based coffee chain said global comparable sales rose 6 percent for the period. That reflected a 7 percent increase in its flagship Americas market and a 3 percent increase in Asia. The unit including Europe, the Middle East and Africa rose 1 percent.
Total revenue rose 9 percent to $4.99 billion, but was short of the $5.03 billion analysts expected.
For the quarter ended March 27, Starbucks Corp. earned $575.1 million, or 39 cents per share, in line with expectations. A year ago, it earned $494.9 million, or 33 cents per share.