10-30-13 4:45 PM EDT | Email Article

Starbucks Corp.'s (SBUX) fiscal fourth-quarter earnings rose 34% as the coffee company recorded a double-digit increase in sales.

The company also said its board of directors boosted the dividend by 24% to 26 cents.

In addition, Starbucks reiterated the bulk of its fiscal year outlook, though it now expects revenue growth of 10% or greater, when it previously called for an increase between 10% and 13%.

Starbucks has recorded stronger sales trends in the U.S. than most of its competitors. The company has noted that the wide adoption of its loyalty program has helped its value perception and driven customer traffic.

Global same-store sales grew 7%, topping the 6.7% growth projected by analysts polled by Consensus Metrix.

The company has been working to diversify its traditional coffee business by expanding to more packaged products and food. Starbucks in July unveiled plans to partner with Danone SA (DANOY, BN.FR) to sell Greek yogurt parfaits and other similar items. The company recently purchased loose-leaf tea retailer Teavana for $620 million, and it has taken on other new ventures--a line of energy drinks, a San Francisco Bay-area bakery, and its own single-serve coffee espresso brewer.

Starbucks also has made a push to expand geographically, looking to open thousands of locations in the Americas and China in coming years.

Starbucks said same-store sales for the latest quarter climbed 8% in the company's China and Asia-Pacific businesses, compared to expectations for a 9.1% increase. Same-store sales in the Americas grew 8%, above expectations for 7.1% growth, while Europe, Middle East and Africa sales rose 2%, topping expectations for a 1.7% increase.

Overall, the company reported a profit of $481.1 million, or 63 cents a share, up from $359 million, or 46 cents a share, a year earlier. Net revenue rose 13% to $3.8 billion.

Analysts polled by Thomson Reuters had forecast earnings of 60 cents a share and revenue of $3.81 billion.

Operating margin widened to 17.6% from 15.4%.

Starbucks stock, which has been trading at all-time highs, is up 51% since the start of the year.

Write to Anna Prior at anna.prior@wsj.com

 

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(END) Dow Jones Newswires

October 30, 2013 16:45 ET (20:45 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.
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