Starbucks Q4 profit nearly doubles, raises profit forecast

Seattle Starbucks Corp.'s fourth-quarter net income nearly doubled as its revenue rose 17% from a year earlier, handily beating estimates. The coffee giant raised its forecast for its fiscal 2011 profit.

Starbucks reported net income of $278.9 million. Sales rose 17.2% to $2.8 billion. Same-store sales were up 8%.

Next year Starbucks plans to open about 500 new stores around the world, including 100 in the United States and 400 internationally, most of which will be licensed. Globally, the chain will focus on Chinca, where it has experienced double-digit comp-store sales.

For the full year, Starbucks beat its own expectations with earnings of $945.6 million, compared with $390.8 million in fiscal 2009. Revenues for the full year were up 9.5% to $10.7 billion.