Starbucks Reports Q3 Earning Beat Amid Record Quarterly Revenue, Shares Up 2%
2022.08.03 03:09
Starbucks Reports Q3 Earning Beat Amid Record Quarterly Revenue, Shares Up 2%
Starbucks (NASDAQ:SBUX) reported its Q3 results with EPS of $0.84 coming in better than the consensus estimate of $0.77. Shares rose more than 2% after-hours.
Revenue grew 9% year-over-year to a quarterly record of $8.2, compared to the consensus estimate of $8.14 billion. Global comparable store sales grew 3% year-over-year, driven by a 6% increase in average ticket, partially offset by a 3% decline in comparable transactions.
North America segment net revenue grew 13% year-over-year to $6.1 billion. North America comparable store sales grew 9%, driven by an 8% increase in average ticket and a 1% increase in comparable transactions.
International segment net revenue declined 6% year-over-year to $1.6 billion. International comparable store sales decreased 18% year-over-year, primarily attributable to COVID-related restrictions in China, as well as a 9% adverse impact from foreign currency translation.
The company opened 318 net new stores in Q3, ending the period with 34,948 stores globally, out of which 51% were company-operated and 49% licensed.
According to Rachel Ruggeri, CFO of Starbucks, the company delivered record-breaking revenue performance during Q3 from continued strength in customer demand globally, balanced with its ability to execute investments despite macroeconomic and operational headwinds.
The company’s guidance remains suspended for the balance of this fiscal year.
By Davit Kirakosyan
