24.01.2019 23:13:49
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Starbucks Q1 Results Beat Wall Street Estimates
(RTTNews) - Starbucks Corp. (SBUX), the world's largest specialty coffee retailer, Thursday reported a profit and revenues for the first quarter that trumped Wall Street estimates, driven largely by growth across Americas, Asia Pacific and China.
Seattle, Washington-based Starbucks' first-quarter profit dropped to $760.6 million or $0.61 per share from $2.25 billion or $1.57 per share last year.
Adjusted earnings for the quarter were $0.75 per share, up from $0.65 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.65 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net revenues for the quarter grew 9.2 percent to $6.63 billion from $6.07 billion last year. Analysts had a consensus revenue estimate of $6.49 billion for the quarter.
Global comparable store sales increased 4 percent, including a 4 percent increase in the Americas and US and a 3 percent increase in the Central Asia Pacific and 1 percent in China. Starbucks, which has been expanding its menu offerings, said it opened 541 net new stores globally, bringing total stores to 29,865 worldwide.
"Starbucks delivered solid operating results in the first quarter, demonstrating continued momentum in our business, as we drive our growth-at-scale agenda with focus and discipline," said CEO Kevin Johnson. "We are particularly pleased with the sequential improvement in quarterly comparable store transactions in the U.S., underpinned by our digital initiatives and improved execution of our in-store experience. With this solid start to the fiscal year, we are on track to deliver on our full-year commitments."
For the full-year 2019, Starbucks now expects adjusted earnings of $2.68 to $2.73 per share and revenue growth of 5 to 7 percent. Previously, the company expected earnings of $2.61 to $2.66 per share and revenue growth of 5 to 7%. Analysts currently estimate earnings of $2.65 per share and revenue growth of 5.70 percent.
Starbucks also continues to expect to add about 2,100 new stores globally and global comparable store sales growth between 3 to 4 percent in 2019.
SBUX closed Thursday's trading at $64.74, down $1.69 or $2.54% on the Nasdaq. The stock, however, gained $1.30 or 2.01% in the after-hours trading.
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