Starbucks misses analyst targets for FQ1 profit, revenue By

© Reuters. Starbucks (SBUX) misses analyst targets for FQ1 profit, revenue

Starbucks (NASDAQ:) reported worse-than-expected earnings and revenue for the fiscal first quarter.

Specifically, the coffeehouse chain operator posted Q1 earnings per share (EPS) of $0.90, missing the consensus estimates of $0.94. Revenue came in at $9.43 billion, also below the expected $9.62 billion.

The stock was still up 2.3% in after-hours trade.

Global comparable store sales saw a 5% increase, attributed to a 3% rise in comparable transactions and a 2% growth in average ticket size. In North America, comparable store sales climbed 5%, and 7% in international markets.

Membership in the U.S. Starbucks Rewards program saw a notable jump, reaching 34.3 million, a 13% increase from the previous year.

The company added 549 net new stores in the first quarter, bringing its total to 38,587 stores globally. These stores are split between 51% company-operated and 49% licensed outlets.

The report also highlighted the company’s strong presence in the U.S. and China, which constitute 61% of the global portfolio. Notably, there are 16,466 stores in the U.S. and 6,975 stores in China.

“Our first quarter performance was strong on many measures. Of note was the unwavering commitment of our most loyal customers, the growth in rewards members, tender and spend per member,” said Starbucks CEO Laxman Narasimhan.

Source link

Leave a Comment