Starbucks Stock Heats Up On Q4 Earnings: Revenue Miss, EPS Miss, Comps Up 5%

Starbucks Corporation +0.72%

Starbucks Corporation

SBUX

78.87

+0.72%

Starbucks Corp (NASDAQ:SBUX) reported fiscal first-quarter financial results Tuesday after the bell. Here’s a rundown of the report.

Q4 Earnings: Starbucks said first-quarter revenue increased 8% year-over-year to $9.4 billion, which missed the consensus estimate of $9.59 billion, according to Benzinga Pro. The company reported quarterly earnings of 90 cents per share, which missed analyst estimates of 93 cents per share.

Comparable store sales jumped 5% globally, driven by a 3% increase in comparable transactions and 2% increase in average ticket. Comps increased 5% in North America, 10% in China and 7% internationally during the quarter.

Rewards memberships reached 34.3 million in the first quarter, up 13% on a year-over-year basis. Starbucks noted that gift card loads climbed to a record $3.6 billion during the holiday season. The company opened 549 net new stores in the first quarter and ended the period with 38,587 total locations.

“Despite headwinds, our brand is very strong, and that coupled with innovation and a relentless focus on our green apron partners form long-term differentiators, along with focused execution on Triple Shot Reinvention, will drive balanced and attractive earnings growth,” said Laxman Narasimhan, CEO of Starbucks.

Starbucks will discuss fiscal-year 2024 financial targets on its conference call, which is set to kick off at 5 p.m. ET.

See Also: How To Earn $500 A Month From Starbucks Stock Ahead Of Q1 Earnings

SBUX Price Action: Starbucks shares were up 2.73% after hours at $96.61 at the time of writing, according to Benzinga Pro.

Photo: Şahin Sezer Dinçer from Pixabay.

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