U.S. Markets closed

Starbucks Reports Q1 Earnings Beat, Addresses Potential Coronavirus Impact

Tanzeel Akhtar

Starbucks (NASDAQ: SBUX) reported first-quarter earnings of 79 cents per share, which beat the analyst consensus estimate of 75 cents by 5.33%. This is a 5.33% increase over earnings of 75 cents per share from the same period last year.

The company reported quarterly sales of $7.097 billion, which missed the analyst consensus estimate of $7.1 billion by 0.04%. This is a 7.00% increase over sales of $6.633 billion the same period last year.

Comparable store sales were up 5% globally; 6% In the U.S. and 3% in China.

See Also: Here's How Much Investing 0 In Starbucks Stock Back In 2010 Would Be Worth Today

View more earnings on SBUX

Starbucks said the company's fiscal year 2020 guidance is unchanged from what was provided in its fiscal fourth-quarter earnings report, which excludes any impact of the coronavirus.

"Currently, we have closed more than half of our stores in China and continue to monitor and modify the operating hours of all of our stores in the market in response to the outbreak of the coronavirus. This is expected to be temporary," the company said in a press release.

"Given the dynamic nature of these circumstances, the duration of business disruption, reduced customer traffic and related financial impact cannot be reasonably estimated at this time but are expected to materially affect our International segment and consolidated results for the second quarter and full year of fiscal 2020."

Starbucks shares closed Tuesday's session at $88.60. The stock has a 52-week high of $99.72 and a 52-week low of $65.91.


See more from Benzinga

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.