Starbucks on Tuesday reported soaring cold drink sales in the United States, fueling an earnings and revenue beat for the company.
But the company also warned of a slower recovery in China, its second-largest market. It lowered its full-year forecast for the country’s same-store sales growth, despite raising its overall outlook for fiscal 2021 earnings per share.
The stock fell 3.1% in extended trading after hitting a 52-week high before the markets closed.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $1.01 adjusted vs. 78 cents expected
- Revenue: $7.5 billion vs. $7.29 billion expected
The coffee giant reported fiscal third-quarter net income of $1.15 billion, or 97 cents per share, up from a net loss of $678.4 million, or 58 cents per share a year earlier.
Excluding restructuring costs and other items, Starbucks earned $1.01 per share, topping the 78 cents per share expected by analysts surveyed by Refinitiv.
Net sales rose 78% to $7.5 billion, beating expectations of $7.29 billion. Worldwide, same-store sales surged 73%. A year ago, the company’s global same-store sales plummeted 40% during the quarter as the global pandemic prompted in lockdowns in some regions.
