Same-store sales rose 7% in the Americas and 11% in Asia/Pacific and the company opened 212 new stores (net) in the first quarter.
The company’s CEO said:
Solid growth in our U.S. retail business, further expansion of our Channel Development initiatives and continued successful execution against our expansion plans throughout China and Asia Pacific all contributed to the record results we announced today. Starbucks has never been better positioned to achieve the goals we have set for ourselves around the world and I have never been more optimistic about our future.
For the 2013 fiscal year, Starbucks expects to open a total of about 1,300 new stores. The company also expects revenues to grow by 10% to 13% and to improve consolidated operating margins by 1% compared to 2012. The EPS forecast calls for $2.06 to $2.15. The consensus analysts’ estimate calls for EPS of $2.16 on revenues of $14.99 billion.
Earnings met the target, while revenues were a little light. The outlook is not particularly inspiring although it is in line with consensus estimates. This report won’t move the stock much. What comes out of the conference call will make the difference here.
Starbucks’ shares are down about 0.3% in after-hours trading at $54.41 in a 52-week range of $43.04 to $62.00. Thomson Reuters had a consensus analyst price target of around $60.30 before today’s report.