Starbucks revenue tops estimates as U.S. sales growth offsets declines in China

Starbucks revenue tops estimates as U.S. sales growth offsets declines in China


A pedestrian carries a Starbucks branded cup in San Francisco, California, U.S., on Thursday, April 28, 2022. Starbucks Corp.

David Paul Morris | Bloomberg | Getty Images

Starbucks on Tuesday reported quarterly revenue that topped analysts’ expectations as U.S. sales growth offset sharp declines in China.

Shares rose less than 1% on the report in extended trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: 59 cents adjusted, meeting expectations
  • Revenue: $7.64 billion vs. $7.6 billion expected

The coffee giant reported fiscal second-quarter net income attributable to Starbucks of $674.5 million, or 58 cents per share, up from $659.4 million, or 56 cents per share, a year earlier.

Excluding items, Starbucks earned 59 cents per share, in line with estimates from analysts surveyed by Refinitiv.

Net sales rose 14.5% to $7.64 billion, topping expectations of $7.6 billion.Global same-store sales increased 7% in the quarter, fueled by strong growth in the United States.

U.S. same-store sales climbed 12%, as customers spent more per order and visited more often. Active membership of Starbucks’ loyalty program jumped 17% to 26.7 million customers.

Outside the U.S., it was a grim quarter for Starbucks. International same-store sales shrank 8%, dragged down by sharp declines in China, the company’s second-largest market. Chinese same-store sales sank 23% in the quarter as the country reimposed lockdowns after Covid outbreaks.

The company also said in the earnings release that it would announce investments in its employees, stores and brand and share its fiscal 2022 financial targets during the conference call with analysts. Last quarter, it said it expects GAAP earnings per share to fall by a range of 4% to 6% and adjusted earnings per share to rise by 8% to 10% during the fiscal year.

Starbucks opened 313 net new locations in the quarter.

Read the full earnings report here.



Source

CBS canceling Colbert begs the question: Are more late night shows next?
Business

CBS canceling Colbert begs the question: Are more late night shows next?

A marquee featuring “The Late Show with Stephen Colbert” is seen outside the Ed Sullivan Theater, where Colbert’s show is produced, in New York City on July 18, 2025. Angela Weiss | AFP | Getty Images There are two schools of thought around CBS’ decision to end “The Late Show with Stephen Colbert.” The first […]

Read More
NFL will fine more than 100 players for reselling Super Bowl tickets at a profit
Business

NFL will fine more than 100 players for reselling Super Bowl tickets at a profit

A detail shot of the Lombardi Trophy next to Kansas City Chiefs and Philadelphia Eagles helmets prior to a news conference on February 03, 2025 in New Orleans, Louisiana ahead of the NFL Super Bowl LIX football game between the Philadelphia Eagles and the Kansas City Chiefs. Kevin Sabitus | Getty Images Sport | Getty […]

Read More
Auction sales fall 6% in the first half, raising fears of an art market shift
Business

Auction sales fall 6% in the first half, raising fears of an art market shift

Ups and Downs by KAWS, estimated£30000-£50000, on display during a preview at the Phillips showroom in central London, ahead of their forthcoming Evening and Day Editions auction. Picture date: Friday January 17, 2025. (Photo by Ian West/PA Images via Getty Images) Ian West – Pa Images | Pa Images | Getty Images A version of […]

Read More