Kevin Johnson, CEO of Starbucks
Scott Mlyn | CNBC
Starbucks reported Tuesday that its sales at the same U.S. store fell 5% during its first fiscal quarter after the rise in new Covid-19 cases led to tougher restrictions on dining.
This is what the company reported compared to what Wall Street expected, according to a survey by Refinitiv analysts:
- Earnings per share: 61 cents, adjusted, against 55 cents expected
- Revenue: $ 6.752 billion vs. $ 6.93 million projected
Excluding items, the coffee giant earned 61 cents per share, surpassing the 55 cents per share expected by analysts surveyed by Refinitiv.
Net sales fell 5%, to $ 6.7 billion, below expectations of $ 6.9 billion. Worldwide, sales from the company’s same store fell 5%. The chain recorded 19% fewer transactions during the quarter, but the average ticket jumped 17%.
In the US, sales at the same store fell 5%. The company’s recovery in the domestic market was hampered by another rise in new Covid-19 cases as temperatures cooled. The number of Starbucks Rewards members who have been active for the past 90 days increased by 15% to 21.8 million people.
In China, Starbucks ’second market, sales in the same stores, turned positive for the first time since the health crisis began. Its sales in the same store increased by 5%, although transactions still decreased compared to the same period a year ago.
The company opened 278 new clean cafes during the quarter and now has a footprint of nearly 33,000 locations.