Kevin Johnson, CEO, Starbucks
Scott Milne | Cnbc
Starbucks reported on Tuesday that US same-store sales fell 5% due to a surge in new Kovid-19 cases.
Here’s what the company compared to what Wall Street was expecting based on a survey of analysts by Refinitive:
- Earnings per share: 61 cents, adjusted, vs. 55 cents expected
- Revenue: $ 6.75 billion vs. $ 6.93 billion expected
Excluding the item, the coffee giant earned 61 cents per share, topping 55 cents per share expected by analysts polled by Refinerive.
Net sales fell 5% to $ 6.7 billion, down from $ 6.9 billion expected. Worldwide, the company’s same-store sales fell 5%. The chain saw 19% fewer transactions during the quarter, but average tickets jumped 17%.
In the US, same-store sales fell by 5%. With the rise in temperature, another surge in Kovid-19 cases hindered the recovery in its home market. Starbucks Reward members, which have been active in the last 90 days, grew by 15% to 21.8 million.
In China, Starbucks’ second-largest market, same-store sales became positive for the first time since the health crisis began. Its same-store sales rose 5%, though transactions declined compared to the same time a year earlier.
The company opened 278 net new cafes during the quarter and now has a footprint near 33,000 locations.