Get 40% Off
🤑 This hedge fund gained 26.16% in the last month. Get their top stocks with our free stock ideas tool.See stock ideas

Starbucks misses analyst targets for FQ1 profit, revenue

Published 31/01/2024, 08:22 am
© Reuters.
SBUX
-

Starbucks (NASDAQ:SBUX) 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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.