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from the world of economics and financeStarbucks said Tuesday that same-store sales fell 4% year over year in its fiscal first quarter. Photo: AFP/Getty Image
Shares of Starbucks Corp. rallied after hours Tuesday after the coffee chain reported quarterly results that beat expectations, as it tries to revive sales following a year marked by cautious consumers.
The company reported fiscal first-quarter revenue of $9.39 billion, compared with $9.43 billion in the same quarter a year prior. Same-store sales fell 4% year over year. Starbucks earned 69 cents a share, down from 90 cents a year ago.
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Bill Peters is a Los Angeles-based MarketWatch reporter who covers earnings.