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Starbucks stock jumps as coffee giant raises full-year outlook
The coffee chain said North America same-store sales rose 8.1% and adjusted earnings beat estimates as turnaround efforts gained traction.
- On Wednesday, Starbucks shares climbed more than 5% in after-hours trading after the coffee giant reported third-quarter revenue of $9.3 billion, surpassing analysts' forecast of $9.2 billion.
- Chief Executive Officer Brian Niccol is executing his "Back to Starbucks" plan, which focuses on reviving the coffeehouse experience with upgraded stores, more staffing, and reduced wait times.
- Adjusted for one-time items, the company earned 85 cents per share, beating the 66-cent forecast, while adjusted operating margin reached 14.4% for the quarter ending June 28.
- Global comparable store sales jumped 7.9% as customers spent more per visit, with innovative menu items like Cold Brew and new afternoon food offerings boosting traffic.
- The company raised its full-year global same-store sales growth forecast to 6% from 5%, as it continues streamlining operations and renovating stores to drive long-term value.
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Starbucks reports strong quarterly sales across customer income levels and times of day
Starbucks has reported better-than-expected quarterly revenue and profit. The Seattle company says its business grew across customer income levels and in the morning as well as the afternoon.
·New York, United States
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Total News Sources37
Leaning Left10Leaning Right3Center20Last UpdatedBias Distribution61% Center
Bias Distribution
- 61% of the sources are Center
61% Center
L 30%
C 61%
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