Starbucks Corporation (NASDAQ:SBUX) released the earnings results from its most recently completed quarter after closing bell tonight, posting non-GAAP earnings of 74 cents per share, a 23% improvement year over year, on $4.2 billion in consolidated net revenues, a 10% increase.

Starbucks Corporation Slides On Sales Miss, Weak Guidance

Analysts had been hoping for earnings of 74 cents per share on $4.23 billion in revenue. In the same quarter last year, the coffee chain reported earnings of 60 cents per share on $3.8 billion in revenue.

Key metrics from Starbucks’ earnings report

Starbucks reported record GAAP earnings of 77 cents per share. GAAP earnings include impacts from a litigation credit in the first quarter and also a net benefit from fourth quarter transactions. Comparable store sales rose 5% globally, marking the 19thquarter of at least 5% growth or more in a row.

Consolidated operating income was $854.9 million. Non-GAAP operating income rose 28% to $857.3 million. Starbucks reported a 20.5% non-GAAP operating margin, a 280 basis point improvement.

The coffee chain opened 503 net new stores during the quarter, ending the fiscal year with 21,366 stores in 65 different countries.

For the full fiscal year, Starbucks reported an 11% increase in revenue to $16.4 billion. Comparable store sales rose 6%. Earnings per share for the full year were $2.71, and non-GAAP earnings were $2.66 per share.

“Starbucks performance in fiscal 2014 was extraordinary by any metric or comparison,” said Starbucks Chairman, President and CEO Howard Schultz in a statement. “But we cannot be content with the status quo, as consumers continue to demand more and more in terms of convenience and excellence. You will see us continue to invest where it counts most, in mobile commerce, innovation, in the customer experience and the partners who drive it and in the quality of our coffees.”

Starbucks raises guidance

The company also provided guidance for the 2015 fiscal year. Starbucks projects revenue growth of between 16% and 18%, including more than $1 billion in incremental revenue from the Starbucks Japan acquisition. The chain projects mid-single digit comparable store sales growth. GAAP earnings are expected to be between $3.42 and $3.54. non-GAAP earnings are expected to be between $3.08 and $3.13 per share.

The coffee chain also increased its dividend by 23% and increased its guidance for the 2015 fiscal year. The dividend rose to 32 cents per share.