Starbucks Stock Heats Up On Q4 Earnings: Revenue Miss, EPS Miss, Comps Up 5%
Portfolio Pulse from Adam Eckert
Starbucks Corp (NASDAQ:SBUX) reported an 8% increase in Q1 revenue to $9.4 billion, missing the consensus estimate of $9.59 billion. Earnings per share were 90 cents, below the expected 93 cents. Global comparable store sales rose 5%, with a 5% increase in North America, 10% in China, and 7% internationally. Rewards memberships grew by 13% to 34.3 million. The company opened 549 new stores, reaching 38,587 locations. CEO Laxman Narasimhan emphasized the brand's strength and focus on innovation. Starbucks stock rose 2.73% after hours to $96.61.
January 30, 2024 | 9:37 pm
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Starbucks reported lower-than-expected Q1 earnings and revenue but saw a rise in global comparable store sales and rewards memberships. The stock increased 2.73% after hours.
Despite the earnings and revenue miss, the increase in comparable store sales and rewards memberships, along with the after-hours stock price rise, suggest a neutral to slightly positive short-term impact. The market may have anticipated the results, and the positive aspects of the report could balance out the negatives.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100