Starbucks says revenue up 18% in Q4

Aamer Madhani | USA TODAY

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Starbucks (SBUX) announced after the closing bell Thursday that sales rose 18% in the last quarter on $4.9 billion in revenue, compared with $4.2 billion in revenue reported for the same period last year. The growth was driven in part by a 4% increase in global customer traffic.

The company projection for first-quarter profit of 44 to 45 cents per share, however, fell short of the 47 cents per share that analysts projected.

Shares fell 1.3% afterhours.

"That’s really driven by the strengthening of the dollar,” Starbucks Chief Financial Officer Scott Maw told USA TODAY of the projection miss. "It’s a pretty big impact in the first quarter and much less for the rest of the year."

Earnings were 43 cents per share, compared with 37 cents a year earlier, when adjusted for a stock split.

The coffee giant met analysts’ expectations as global same-store sales grew 8% globally. Same-store sales in the Americas increased 8%, driven by a 4% increase in traffic. Meanwhile, sales in the China and Asia Pacific segment increased 6% , short of the projected 9.6% growth.

"Starbucks record Q4 financial results, highlighted by stunning comp store sales increases of 8% globally, 9% in the U.S. driven by a 4% increase in global traffic, demonstrate the strength and relevance of the Starbucks brand around the world,” Starbucks CEO Howard Schultz said in a statement. “And our results underscore the success of the investments we continue to make in our people and business, in new beverage and food innovation and in groundbreaking technology innovation that is deepening our connection to customers everywhere."

Schultz told analysts in July that double-digit growth was not sustainable in the long-term, but on Thursday the company projected at least 10% growth in fiscal year 2016.

"Just like I have said in years past, we want to be very straight-forward and try under promise and over deliver," Schultz told analysts on Thursday. "I think we're at the inverse here and we just feel it's important to be straight-forward and tell you that we think our comps...are going to be somewhat greater than what we had this calendar year."

The coffee chain has seen strong growth in mobile payment, which company officials recently reported accounts for 20% of revenue.

Last month, the company completed its rollout of its mobile order and payment app at more than 7,400 company-owned stores in the U.S. The app allows Starbucks customers to order and pay for drinks ahead of time and skip waiting in line.

The company said sales increased in stores that were early adopters of the mobile app.

Earlier this month, Starbucks announced it had rolled out a delivery service pilot program at the Empire State Building in New York. The service, dubbed Green Apron Delivery, offers a pared down menu of brewed coffee, espresso beverages, breakfast sandwiches and lunch options through a dedicated web site.

The company says it will launch another pilot delivery program in Seattle by the end of the year in partnership with Postmates, an on-demand delivery service that is already popular in many big cities.

Cliff Burrows, Starbucks group president, who oversees U.S. operations, also announced on Thursday that the company will be introducing several new items to its limited-time holiday menu. The new items include cookies decorated to look like ugly sweaters and a holiday spice flat white, a twist on Starbucks popular flat white beverage.

Follow USA TODAY reporter Aamer Madhani on Twitter: @AamerISmad