Starbucks (SBUX) Q3 2023 earnings
Starbucks logo is seen on a cup in this illustration photo taken in the cafe at the airport in Charleroi, Belgium on July 27, 2023.
Starbucks on Tuesday reported quarterly earnings that beat analysts' expectations, but its same-store sales missed Wall Street's estimates.
Shares of the company fell less than 1% in extended trading.
Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
Earnings per share: $1 adjusted vs. 95 cents expected
Revenue: $9.17 billion vs. $9.29 billion expected
Excluding items, Starbucks earned $1 per share.
Net sales rose 12% to $9.17 billion.
The company's same-store sales grew 10%, falling short of StreetAccount estimates of 11%. Same-store sales growth in both North America and its international markets was softer than expected.
The coffee giant's North American same-store sales grew 7%, missing estimates of 8.4%. Starbucks said customer traffic grew 1% in the quarter.
Outside North America, Starbucks' same-store sales increased 24%, falling short of estimates of 24.2%. Improved demand in China fueled the company's international growth. China's same-store sales skyrocketed 46% in the quarter.
The company said it would discuss its fiscal 2023 outlook during its conference call. Previously, Starbucks was projecting revenue growth of 10% to 12% and adjusted earnings-per-share growth on the low end of 15% to 20%.
Source: CNBC
