Starbucks, Cooling Coffee & Cooling Earnings (SBUX)
November 10, 2008 by Douglas A. McIntyre
Starbucks Corp. (NASDAQ: SBUX) has just reported earnings of $0.01 EPS (after $0.09 restructuring costs) on $2.5 billion in revenues Thomson Reuters (First Call) had earnings consensus estimates at $0.13 EPS and $2.58 billion in revenues.
As a baseline for its fiscal 2009 non-GAAP EPS expectations, thecompany is using fiscal 2008 consolidated comparable store sales ofnegative three percent and non-GAAP EPS of $0.71. Starbucks believesthat if it were to report a -2% result as a decline in consolidatedcomparable store sales in fiscal 2009, it will have non-GAAP EPS of$0.90; but if it has a decrease of 5% in consolidated comparable storesales would result in non-GAAP EPS of around $0.80 per share. WallStreet’s estimates for the next year ahead are $0.87 EPS on $10.84billion in revenues.
Starbucks 2009 U.S. store opening target is now approximately anegative 20 net new stores, after including nearly 225 company-operatedstore declines and approximately 205 net new licensed stores.Internationally, Starbucks is now planning to open approximately 700net new stores in fiscal 2009.
This one closed down 3% at $10.20, and shares are down further around the $9.90 mark in after-hours trading.
Jon C. Ogg
November 10, 2008
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