In-Line Quarter for Starbucks Proves Good Enough for a Small Pop in the Stock
2022.05.04 00:32
In-Line Quarter for Starbucks Proves Good Enough for a Small Pop in the Stock
Starbucks (NASDAQ:SBUX) shares gained 2% after-hours Tuesday after second-quarter results proved good enough for investors after a rough start to the year for the coffee giant.
The company posted Non-GAAP earnings per share of $0.59 for Q2, down from $0.61 last year, but in-line with the Wall Street consensus.
Revenues rose 15% to a Q2 record of $7.6 billion and were also in-line with the consensus of $7.6 billion.
Global comparable store sales increased 7%, driven by a 4% increase in average ticket and a 3% increase in comparable transactions. North America and U.S. comparable store sales increased 12%, driven by a 7% increase in average ticket and a 5% increase in comparable transactions.
“We are single-mindedly focused on enhancing our core U.S. business through our partner, customer and store experiences. Given record demand and changes in customer behavior we are accelerating our store growth plans, primarily adding high-returning drive-thrus, and accelerating renovation programs so we can better meet demand and serve our customers where they are,” said founder and interim CEO Howard Schultz. “The investments we are making in our people and the company will add the capacity we need in our U.S. stores today and position us ahead of the coming growth curve ahead,” Schultz added.
Shares of Starbuck were down 37% year-to-date going into the results.
