A commitment to offering more enticing food items helped Starbucks lift its profit by 34 percent in the third quarter.
For the quarter, Starbucks earned $481.1 million, or 63 cents per share. Analysts expected 59 cents per share. A year ago, the company earned $359 million, or 46 cents per share.
Revenue rose to $3.8 billion, shy of the $3.81 billion analysts expected.
Troy Alstead, Starbucks’ chief financial officer, said the increase in the average receipt for the quarter was mostly because of food. He said only about a third of customer purchases overall include food, but the trends are improving and should continue as the company finishes the rollout of new La Boulange baked goods.
The company has also been benefiting from lower costs for coffee beans. The company raised its quarterly dividend by 24 percent to 26 cents per share.