Starbucks Raises 2019 Earnings Guidance; Q2 Profit Beats Estimates

(RTTNews) - Starbucks Corp. (SBUX) announced, with solid first-half financial results, the company is on track to deliver on its full-year commitments. For fiscal 2019, non-GAAP EPS is projected in the range of $2.75 to $2.79, revised from a range of $2.68 to $2.73 previously. Analysts polled by Thomson Reuters expect the company to report profit per share of $2.71 for the fiscal year. Analysts' estimates typically exclude special items. The company continues to expect global comparable store sales growth between 3% and 4%.

For second-quarter, non-GAAP EPS was $0.60, up 13% over the prior year, including a $0.01 benefit from discrete income tax items. On average, 25 analysts polled by Thomson Reuters expected the company to report profit per share of $0.56 for the quarter.

Second-quarter consolidated net revenues were $6.3 billion, grew 5% over the prior year. On an adjusted basis, consolidated net revenues grew 9%. Analysts expected revenue of $6.32 billion for the quarter. Global comparable store sales increased 3%, driven by a 3% increase in average ticket, for the second quarter.

Kevin Johnson, CEO, said: "We are especially pleased with our comparable store sales growth in our two lead markets, the U.S. and China, where we are also continuing to drive strong new store development with industry-leading returns."