Kevin Johnson, President and CEO of Starbucks, speaks during a press conference in Shanghai on August 2, 2018.
AFP | Getty Images
Starbucks reported better-than-expected quarterly earnings on Tuesday and raised its full-year guidance for earnings and sales.
The company reported, versus Wall Street expectations based on an analyst survey by Refinitiv:
- Earnings per share: 62 cents adjusted compared to 53 cents expected
- Revenue: $ 6.7 billion versus $ 6.8 billion expected
Without articles, the coffee chain earned 62 cents per share, exceeding the 53 cents per share expected by the analysts surveyed by Refinitiv.
Net sales rose 11% to $ 6.7 billion, falling short of expectations of $ 6.8 billion. Global sales in the same store increased 15% as the company posted a 10% decrease from the same period last year.
For the full 2021 fiscal year, Starbucks now expects earnings of $ 2.65 to $ 2.75 per share, compared to its previous range of $ 2.42 to $ 2.62 per share. Adjusted earnings of $ 2.90 to $ 3 per share are expected, compared to the previous outlook of $ 2.70 to $ 2.90 per share. The company also increased its revenue prospect from $ 28.5 billion to $ 29.3 billion to $ 28.5 billion to $ 29.3 billion.