Starbucks meeting targets for Irish market

STARBUCKS said it is meeting the targets it set for operations in the Irish market adding that it is pleased with the acceptance it received in Ireland.

The coffee firm, which is the biggest in the world, could not confirm any plans for further store openings in Ireland, adding that it does not communicate targets or plans for individual markets.

Starbucks opened its first store in Dublin two years ago and now has 14 across the country.

Starbucks said last night fourth-quarter profit increased after it raised prices and opened more stores in China.

Net income advanced to $158.5 million (€108m), or 21 cents a share, from $117.3m, or 15c, a year earlier, the Seattle-based company said. Nineteen analysts estimated profit of 21c a share.

Starbucks boosted prices by an average of 9c per cup in July to counter higher costs for dairy and labour. The company added more stores overseas, and promoted breakfast sandwiches and salads in an effort to keep consumers from going to McDonald’s and Dunkin’ Donuts.

“The consumer has adjusted to paying a few cents more for their coffee, and that’s helping cover the higher input costs,” said James Walsh at Coldstream Capital Management.

Starbucks shares fell 15c to $24.10 at 4pm in Nasdaq Stock Market composite trading.