Stock Market News

Starbucks misses quarterly sales estimates as demand wavers

2023.08.01 16:20


© Reuters. FILE PHOTO: A Starbucks sign is shown on one of the company’s stores in Los Angeles, California, U.S. October 19, 2018. REUTERS/Mike Blake/File Photo

(Reuters) – Starbucks (NASDAQ:) missed market expectations for quarterly comparable sales on Tuesday, signaling dull demand for its coffees and cold drinks both in the North American and international markets.

Shares of the Seattle, Washington-based company fell more than 2% in extended trading.

While Starbucks has rushed to cash in on its younger, wealthier customer base by launching new drinks in the United States, including a Chocolate Java Mint Frappuccino and White Chocolate Macadamia Cream Cold Brew in May this year, it saw quarterly transactions climb just 1% in North America.

However, the company recorded a sharp recovery in China, with comparable sales surging 46% even as average ticket – or the average amount spent per customer on a visit – declined 1% in the quarter.

Global comparable sales at Starbucks rose 10% in the third quarter, compared with analysts’ expectations for a 11.8% rise, according to Refinitiv IBES data.

In its international segment, same-store sales rose 24%, also missing estimates of 25.7%.

Excluding items, Starbucks posted a profit of $1 per share. Analysts on average were expecting earnings of 95 cents.

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