LOS ANGELES – Starbucks Corp. (SBUX) Wednesday said sales at stores open at least 13 months rose 13 percent in November, helped by the coffee shop chain's early launch of holiday products like Christmas Blend coffee beans.
The company's shares climbed 3.4 percent in after-hours trading following the announcement.
The same-store sales rise was the chain's largest since February, but Starbucks Chairman Howard Schultz (search) warned investors not to expect such dramatic spikes going forward.
"It is important to note, as we have said in the past, that comparable store sales growth of the extraordinary level achieved in November is not sustainable," Schultz said in a statement released after the close of regular trading.
The company reiterated its long-term same-store sales growth forecast of 3 to 7 percent and its net revenue growth target of 20 percent.
Net revenue for the 4 weeks ended Nov. 28 rose 26 percent to $486 million.
In addition to sales of holiday products, Starbucks said healthy demand for its new pumpkin spice latte (search) and strong sales of music products all helped drive sales during the period.
Analysts have also said the company has benefited in the last two months from a beverage price increase implemented in early October.
Starbucks shares were up $1.95 at $59.50 on the Inet electronic brokerage after closing on Nasdaq at $57.55.
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox