Starbucks reports record high quarterly earnings

GMT 12:35 2015 Friday ,24 July

Arab Today, arab today Starbucks reports record high quarterly earnings

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Coffee chain Starbucks reported fiscal third-quarter earnings of 42 cents per share on 4.88 billion U.S. dollars in revenue on Thursday.

"Starbucks Q3 fiscal 2015 stands as among the strongest and most remarkable quarters in our over 23 years as a public company," said Starbucks CEO Howard Schultz in a press release.

After the earnings announcement, the company's shares rose about 5 percent in extended-hours trading.

Starbucks said its new mobile order and pay technology is boosting sales and profit at the roughly 4,000 U.S. cafes where it has been introduced. The technology has the potential to lure in customers who may have been turned off by long lines and waiting times.

Starbucks has also formed a partnership with one of the U.S. leading ride services Lyft, which is Uber's biggest competitor. According to their multi-year agreement, customers use Lyft's services will earn reward points, redeemable against food and beverage items.

Besides, the coffee giant is also reportedly working with New York Times and tea retailer Teavana.

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