Coffee shop operator Starbucks has reported a 21 per cent rise in quarterly earnings to beat Wall Street analysts' average estimate.
The company, which opened its first outlet in Dublin's city centre, this morning cited robust performance in its international business as it reported fourth quarter income of $124 million.
Starbucks shares have risen 33 per cent in two months as investors realise the company could sustain growth by expanding into untapped overseas markets.
For much of 2004, Starbucks posted monthly same-store sales increases in the double digits, and its stock rose nearly 90 per cent last year.
Starbucks executives have reiterated the coffee shop chain's commitment to expanding in China, seen as a major opportunity for growth.
Starbucks chairman Howard Schultz said Starbucks was prepared to enter other big international markets such as Brazil, Russia and India, but would not say when.
Starbucks also said it plans to open about 1,800 stores worldwide in fiscal year 2006, with about 500 of those locations outside the United States. The company has more than 10,000 stores and opened a record 1,672 stores in 2005.