Starbucks Corp (NASDAQ: SBUX)
Starbucks on Thursday announced upbeat earnings after markets closed, pushing its stock higher. The coffee maker said it had a total of 29,000 Starbuck stores globally as of September 30, 2018.
Following the results, Starbucks shares rose as much as 9.36% in post-market trading, having ended the regular session at $58.63.
SBUX Earnings & Outlook
SBUX posted a profit of $755.8 million, down 4.1% from $788.5 million from a comparable period last year. On a per-share basis, the company earned 56 cents, which is an increase of 2 cents from a year earlier.
Excluding special items, earnings came to 62 cents per share, surpassing expectations of 60 cents. Net revenue was $6.3 billion for the quarter, compared with $5.7 billion during the same period last year, and crushing expectations of $6.27 billion.
Starbucks posted higher than anticipated comparable sales in every major market. The sales increased 4% in the Americas and the US, flying past estimates of 2.7% growth. Global comparable sales jumped 3% also surpassing forecasts of 2.3% based on a poll done Refinitiv.
For fiscal 2019, the company expects to set up about 2,100 new company-branded stores globally. The company also forecasts full-year adjusted earnings of between $2.61 and $2.66 per share for the year.
It also predicts that full-year consolidated revenue will grow between 5% to 7%. Analyst view 2019 earnings of $2.62 per share and consolidated revenue growth of 5%.
CEO Comments
“Starbucks record Q4 performance reflected meaningful improvement in virtually every critical operating metric compared to Q3,” said Kevin Johnson, CEO. “As we enter fiscal 2019, we are executing against a clear growth agenda, with a focus on our long-term growth markets of the U.S. and China. We are also excited about the long-term growth potential of our new Global Coffee Alliance with Nestlé. I’m incredibly proud of our 350,000 Starbucks partners around the world and pleased with the continued progress in our growth agenda.”
Company Profile
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development.
Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items. The company also licenses its trademarks through licensed stores, and grocery and foodservice accounts.
It offers its products under the Starbucks, Teavana, Tazo, Seattle’s Best Coffee, Evolution Fresh, La Boulange, Ethos, Frappuccino, Starbucks Doubleshot, Starbucks Refreshers, premium Tazo, and Starbucks VIA brand names. Starbucks Corporation was founded in 1971 and is based in Seattle, Washington. – Yahoo Finance
