Starbucks posted a 13% increase in total net revenues to $3.3bn for the third quarter ended 1 July 2012, compared to $2.3bn in the corresponding quarter of last year.

The company attributed the rise in revenues to a 6% increase in global comparable stores sales and 45% revenue growth in channel development.

The coffee retailer posted net earnings of $333.1m in the 13-week third quarter, an increase from $279.1m for the corresponding quarter a year ago.

The coffee store’s total operating income for the quarter rose to $491.6m, up 22%, compared to $402.2m of the corresponding quarter of the last fiscal.

Starbucks CFO Troy Alstead said the company has lowered its expectations for Q2 2012 earnings per share to $0.44 from $0.45 to reflect the difficult economic environment all global retailers are confronting today.

"Nonetheless, we remain confident in the underlying strength of our business, in the strategies we have in place for driving sustained, profitable growth, and in our ability to again drive earnings growth in the range of 15% – 20% in fiscal 2013," Alstead added.

Starbucks had recently unveiled its first store in Costa Rica, and its first Farmer Support Center in Columbia, South America as part of its expansion in Latin America.

The coffee store plans to close an unspecified number of its unprofitable stores in Europe, as part of solving its beleaguered Western European business.
A 20% growth is expected in the number of new stores to be opened globally, with 1,200 new outlets – 600 in US and 500 net new outlets in China/Asia Pacific – to come up in the 2013 fiscal

Starbucks, established in 1971retails drip brewed coffee, espresso-based hot drinks besides other hot and cold drinks, coffee beans, salads, hot and cold sandwiches and panini, sweet pastries, snacks, and items such as mugs, tumblers and others.