(Boursier.com) — Starbucks jumped nearly 10% on Wall Street to $93. The American coffee house chain released accounts last night that beat Wall Street expectations as consumers accepted higher prices. For its fourth fiscal quarter, corresponding to the third calendar quarter, the group posted historic revenues of 8.41 billion dollars, against 8.15 billion a year earlier. Adjusted earnings per share were 81 cents, versus consensus 72 cents and $1 a year earlier. To get through the possible recession, the group led by Howard Schultz is counting on younger and affluent customers, this generation Z which tends to have significantly more discretionary budgets. Schultz notes that the loyalty of this customer base has been quite strong and predictable. In the fourth fiscal quarter ended October 2, Starbucks posted like-for-like growth of 7%, well above expectations, with a performance of 11% in the United States – and the return of Pumpkin Spice Latte. Even the Chinese weakness (-16% on a like-for-like basis) is less pronounced than expected… Remember that Schultz will leave the management of the group in early April to Laxman Narasimhan.
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