Starbucks logo is seen on a cup in this illustration photo taken in the cafe at the airport in Charleroi, Belgium on July 27, 2023.
Jakub Porzyck | Nurphoto | Getty Images
Starbucks on Tuesday reported quarterly earnings that beat analysts’ expectations, but its same-store sales missed Wall Street’s estimates.
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 adjusted vs. 95 cents expected
- Revenue: $9.2 billion vs. $9.29 billion expected
Excluding items, Starbucks earned $1 per share.
Net sales rose 12% to $9.2 billion.
The company’s same-store sales grew 10%, falling short of StreetAccount estimates of 11%. Same-store sales growth in both North America and its international markets was softer than expected.
The coffee giant’s North American same-store sales grew 7%, missing estimates of 8.4%. Starbucks said customer traffic grew 1% in the quarter.
Outside North America, Starbucks’ same-store sales increased 24%, falling short of estimates of 24.2%. Improved demand in China fueled the company’s international growth. China’s same-store sales skyrocketed 46% in the quarter.