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Starbucks Corporation reported better than expected fiscal first quarter earnings after the close Thursday. $SBUX also raised guidance led by stores in the U.S.

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Starbucks Corporation NASDAQ: SBUX Reported Earnings After Close Thursday

 $0.75 Beat $0.65 EPS Forecast AND $6.63B Missed $6.485 Billion forecast in revenue. 

Earnings 

Starbucks reports EPS of 75 cents in the fiscal first quarter on revenue of $6.63 billion. Analysts had expected Starbucks earnings per share to hold flat at 65 cents with a 7% revenue increase to $6.485 billion. Overall same store sales are seen ticking up 3%, according to Consensus Metrix. Same-store sales grew 4% overall. Americas and U.S. comparable store sales increased 4%, with transactions flat. 

Starbucks Corporation NASDAQ: SBUX

Market Reaction After hours 66.00 +1.26 (1.95%)

Highlights

  • Same-store sales grew 4% overall.
  • Americas and U.S. comparable store sales increased 4%, with transactions flat.
  • Overall China/Asia Pacific comps grew 3% with China comps up 1%
  • EMEA comps fell 1%.
  • Company opened 541 net new stores, yielding 29,865 stores at the end of the quarter, a 7% increase over the prior year.
  • Over two-thirds of the net new store openings were outside the US with about 50% were licensed.
  • Revenue for the Americas segment grew 8% year-over-year, primarily driven by the 5% store growth and 4% increase in comparable store sales.
  • Net revenues for the China/Asia Pacific segment soared 45% primarily driven by the ownership change in East China at the end of Q1-2018, a 13% store growth, and the 3% increase in comparable store sales.

Starbucks Corp. earnings Q1 2019

Outlook 

Full-year EPS is seen at $2.68-$2.73, up from a prior view of $2.61-$2.66, with the new midpoint above consensus for $2.64. Revenue is seen growing 5%-7%, reiterating prior views, and global comparable sales are seen up 3%-4% vs. an earlier view for growth near the lower end of a 3%-5% range.

Source: Starbucks, Alpha Street

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