Kevin Johnson, CEO, Starbucks
Scott Mlyn | CNBC
Starbucks on Tuesday reported that its U.S. same-store sales fell 5% during its fiscal first quarter after a surge of new Covid-19 cases led to harsher dining restrictions.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: 61 cents, adjusted, vs. 55 cents expected
- Revenue: $6.75 billion vs. $6.93 billion expected
Excluding items, the coffee giant earned 61 cents per share, topping the 55 cents per share expected by analysts surveyed by Refinitiv.
Net sales dropped 5% to $6.7 billion, falling short of expectations of $6.9 billion. Worldwide, the company’s same-store sales fell 5%. The chain saw 19% fewer transactions during the quarter, but the average ticket jumped 17%.
In the U.S., same-store sales fell by 5%. The company’s recovery in its home market was hampered by another surge of new Covid-19 cases as the temperatures grew colder. The number of Starbucks Rewards members who have been active in the last 90 days rose 15% to 21.8 million people.
In China, Starbucks’ second-largest market, same-store sales turned positive for the first time since the health crisis started. Its same-store sales rose 5%, although transactions still declined compared with the same time a year ago.
The company opened 278 net new cafes during the quarter and now has a footprint nearing 33,000 locations.