Shares of Starbucks are rising on Friday after reporting better-than-expected first quarter profit but sales that missed expectations. After the close on Thursday, the coffeehouse chain reported fiscal first-quarter profit of $540.7 million, or 71 cents a share — a 25% rise from the same period last year and above analyst expectations of 69 cents a share, according to Thomson Reuters. Starbucks attributed the higher profit to improved global sales and lower coffee costs, while CEO Howard Schultz attributed improved performance in the Americas’ to seasonal beverage and menu items around the holidays.
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