Starbucks reports EPS in-line, misses on revs; Global comparable store sales increased 3% in Q2 with 4% comps in March, acceleration in April:
- Reports Q2 (Mar) earnings of $0.45 per share, in-line with the Capital IQ Consensus of $0.45; revenues rose 7.3% year/year to $5.29 bln vs the $5.42 bln Capital IQ Consensus
- Global comparable store sales increased 3% with a 3% increase in the Americas comp store sales; China comp store sales were up 7%, aided by a 6% increase in transactions
- U.S. comp store sales increased 3% comprised of a 4% increase in average ticket and a 2% decrease in transactions. Adjusting for the estimated impact of order consolidation related to the new Starbucks Rewards loyalty program, average ticket grew 3% with transactions flat to prior year.
- "With our U.S. business accelerating throughout the quarter and strong performance in China, we are poised to deliver strong revenue growth in the second half and into the future," said Kevin Johnson, Starbucks president and ceo. "Our success in opening over 2,000 stores around the world annually, delivering record AUV and profit, despite a very difficult period for many brick-and-mortar retailers is a testament to the 330,000 partners who proudly wear the green apron."
- "Starbucks U.S. comp sales accelerated sequentially through the quarter - culminating with a 4% U.S. comp in March - and we're seeing further acceleration into April," said Scott Maw, Starbucks cfo. "Investments we are making to increase throughput and further premiumize the Starbucks brand are paying off. And increased capacity combined with accelerating momentum and the beverage, food and technology innovation we will be introducing in the months ahead gives us great confidence in our ability to deliver strong comp sales and revenue growth in the back half of fiscal 2017."
Further, SBUX will discontinue offering forward targets in its earnings press release and instead will offer forward statements on the earnings conference call
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