World's largest coffee chain, Starbucks has said that its net profit has risen 13 percent in the first quarter of its fiscal year.

The coffee chain said that the net profit figure was in line with analyst expectations as sales increased in the Americas. Starbucks said that its net income increased to $432.2 million or 57 cents a share from $382.1 million or 50 cents per share. An average of 27 estimates compiled by Bloomberg had predicted 57 cents of net income.

Chief Executive Officer Howard Schultz has that the company worked to increase sales in the US market by expanding beyond coffee with the company's own juice, baked goods and tea. The company is shutting down stores across Europe in an attempt to turn around the business in the region.

The Seattle-based company said yesterday in a statement the sale at stores open at least 13 months increased 7 percent in the quarter, while it fell 1 percent in Europe, the Middle East and Africa. Chief Financial Officer Troy Alstead said that the company's quarterly revenue was the highest ever for the company but noted that the consumer environment remains difficult in the US and Europe.