Kevin Johnson, CEO, Starbucks
Scott Mlyn | CNBC
Starbucks reported on Tuesday that its sales in the same US store fell 5% in the first fiscal quarter, after an increase in new Covid-19 cases led to tougher table restrictions.
Here’s what the company reported compared to what Wall Street expected, based on a poll conducted by analysts by Refinitiv:
- Earnings per share: 61 cents, adjusted, compared to 55 cents expected
- Revenue: $ 6.75 billion compared to $ 6.93 billion expected
With the exception of the articles, the coffee giant gained 61 cents per share, exceeding the 55 cents per share expected by analysts surveyed by Refinitiv.
Net sales fell 5% to $ 6.7 billion, falling below expectations by $ 6.9 billion. Worldwide, the company’s sales in the same store decreased by 5%. The chain recorded 19% fewer transactions during the quarter, but the average ticket increased by 17%.
In the US, sales in the same store fell 5%. The company’s recovery in its domestic market has been hampered by another wave of new Covid-19 cases as temperatures have dropped. The number of Starbucks Rewards members who have been active for the past 90 days has increased by 15% to 21.8 million people.
In China, Starbucks’ second largest market, sales in the same store have been positive for the first time since the health crisis began. Its sales in the same store increased by 5%, although transactions continued to fall compared to the same period a year ago.
The company opened 278 new cafes during the quarter and now has a footprint of nearly 33,000 locations.