Starbucks' profits soar in 4Q

Coffee giant reports 86-percent profit increase, upgrades 2011 outlook

Declaring 2010 a “year of tremendous development and progress,” Starbucks Corp. on Thursday reported a better-than-expected 86-percent increase in profits for the fourth quarter, and upgraded its outlook for 2011 based on strong full-year results.

For the fourth quarter ended Oct. 3, the Seattle-based coffeehouse giant beat analysts’ expectations with earnings of $278.9 million, or 37 cents per share, compared with $150 million, or 20 cents per share, in the fin

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