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Starbucks fiscal Q3 profit climbs 22.5% YOY

Starbucks Corp. said its normalized net income for the fiscal third quarter ended June 28 was 39 cents per share, compared with the S&P Capital IQ consensus estimate of 41 cents per share.

EPS rose 23.0% year over year from 32 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $591.0 million, an increase of 22.5% from $482.3 million in the prior-year period.

The normalized profit margin rose to 12.1% from 11.6% in the year-earlier period.

Total revenue climbed 17.5% year over year to $4.88 billion from $4.15 billion, and total operating expenses grew 15.7% on an annual basis to $4.00 billion from $3.46 billion.

Reported net income grew 20.1% year over year to $621.4 million, or 41 cents per share, from $517.5 million, or 34 cents per share.