Starbucks sales and earnings beat expectations
Starbucks (SBUX) reported better than expected results for the fiscal first-quarter.
For the fiscal first quarter ended December 31, Starbucks reported earnings-per-share of 75 cents, beating analysts’ estimates of 65 cents.
Revenue for the quarter came in at $6.6 billion, surpassing forecasts of $6.49 billion.
The closely watched comparable store sales number came in at 4%, beating estimates of 3%. The U.S. saw comp-store sales of 4%, while China’s comp store sales were up 1% in the quarter.
“We are particularly pleased with the sequential improvement in quarterly comparable store transactions in the U.S., underpinned by our digital initiatives and improved execution of our in-store experience. With this solid start to the fiscal year, we are on track to deliver on our full-year commitments," CEO Kevin Johnson said in a statement.
Shares of the coffee giant were last trading up about 2% in the after-hours session.
During the quarter, Starbucks opened 541 new stores, bringing the total to 29,865 worldwide.
Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter.
