Starbucks Q2 Earnings: Revenue Miss, EPS Miss, Comps Down 4% And More
Portfolio Pulse from Adam Eckert
Starbucks Corp reported a decrease in fiscal Q2 revenue to $8.6 billion, missing estimates of $9.129 billion, and earnings of 68 cents per share, below the expected 79 cents. Global comparable store sales fell 4%, with notable declines in North America and China. Despite challenges, active U.S. rewards memberships grew by 6%, and 364 new stores were opened. The company declared a dividend of 57 cents per share. Starbucks shares dropped 9.92% after hours.
April 30, 2024 | 8:23 pm
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NEGATIVE IMPACT
Starbucks reported lower than expected Q2 earnings and revenue, with a significant drop in global comparable store sales. However, it showed growth in rewards memberships and declared a dividend.
The reported earnings miss and decline in comparable store sales are likely to negatively impact investor sentiment in the short term, leading to a decrease in stock price as indicated by the after-hours trading. The growth in rewards memberships and the declared dividend may provide some offsetting positive sentiment, but the overall impact remains negative due to the earnings miss.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100