Kevin Johnson, CEO, Starbucks
Scott Mlyn | CNBC
Starbucks reported on Tuesday that its same-store sales in the U.S. fell by 5% during the first fiscal quarter, after a wave of new Covid-19 cases led to stricter restaurant restrictions.
Here’s what the company reported compared to what Wall Street expected, based on a survey of Refinitiv analysts:
- Earnings per share: 61 cents, adjusted, against 55 cents expected
- Revenue: $ 6.75 billion versus expected $ 6.93 billion
Excluding the items, the coffee giant earned 61 cents per share, exceeding the 55 cents per share expected by analysts polled by Refinitiv.
Net sales fell 5% to $ 6.7 billion, falling short of expectations of $ 6.9 billion. Worldwide, the company’s same-store sales fell by 5%. The chain saw 19% fewer transactions during the quarter, but the average ticket increased 17%.
In the United States, same-store sales fell 5%. The company’s recovery in its domestic market was hampered by another wave of new Covid-19 cabinets as temperatures rose. The number of Starbucks Rewards members who have been active in the past 90 days has increased by 15% to 21.8 million people.
In China, Starbucks’ second largest market, same-store sales have turned positive for the first time since the health crisis began. Its same-store sales increased by 5%, although transactions still fell compared to the same period last year.
The company opened 278 new liquid coffees during the quarter and now has a footprint of approximately 33,000 locations.