FILE - This Tuesday, March 14, 2017, file photo shows the Starbucks logo on a shop in downtown Pittsburgh. Starbucks reports earnings on Thursday, Nov. 2, 2023. (AP Photo/Gene J. Puskar, File)

Starbucks reported record revenue in its fourth quarter as it opened hundreds of new stores.

Revenue for the July-September period rose 11% to $9.4 billion. That surpassed Wall Street’s expectation of $9.3 billion, according to analysts polled by FactSet.

The Seattle coffee giant opened 816 net new stores in the quarter, ending its fiscal year with more than 38,000 stores worldwide.

Global same-store sales – or sales at stores open at least a year -- rose 8%, also surpassing analyst forecasts for a 6.8% increase. U.S. same-store sales rose 8%, while same-store sales in China – the company’s second-largest market – rose 2%.

Net income jumped 39% to $1.2 billion, or $1.06 per share. That was also higher than Wall Street expectations for 97 cents.

Shares jumped nearly 7% before the opening bell Thursday.

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