Starbucks raises earnings forecast thanks to U.S. corporate tax cut

Starbucks Corp said on Thursday that new U.S. corporate tax cuts will boost its bottom line this year but that closely watched sales growth in its U.S.-dominated Americas region missed expectations in the first quarter.

The world`s biggest coffee chain raised its fiscal 2018 earnings forecast to a range of $2.48 to $2.53 per share, excluding items, up from $2.30 to $2.33 per share previously. However, sales at established Americas region cafes in the quarter to Dec. 31 were up just 2 percent, falling short of the 3.3 percent rise expected by research firm Consensus Metrix.

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