Starbucks Corp Declares Cash Dividend; Reaffirms FY 2013 Revenue Outlook; Raises FY 2013 EPS Outlook

Starbucks Corp announced that the Board of Directors declared a cash dividend of $0.21 per share, an increase from $0.17 per share, payable on November 30, 2012, to shareholders of record as of November 15, 2012. Starbucks continued to target approximately 10% - 13% revenue growth, driven by mid-single-digit comparable store sales growth, approximately 1,300 net new store openings, and continued strong growth in the Channel Development business. Reflecting the strength of its global business and the pipeline of profitable growth initiatives, Starbucks also raised fiscal 2013 earnings per share target to a range of $2.06 to $2.15, representing growth in the range of 15% - 20%, and consistent with its long-term outlook.