Starbucks Corp. (NASDAQ: SBUX) reported fiscal first-quarter financial results after markets closed on Thursday. The company posted $0.52 in earnings per share (EPS) and $5.7 billion in revenue, versus consensus estimates from Thomson Reuters that called for $0.52 in EPS and $5.85 billion in revenue. The same period from last year had $0.46 in EPS and $5.37 billion in revenue.
Global comparable store sales increased 3% comprised of a 3% increase in the Americas, a 5% increase in China/Asia Pacific, and a 1% decrease in Europe, Middle East, and Africa. The U.S. comparable store sales increase of 3% was comprised of a 5% increase in average ticket and a 2% decrease in transactions.
Mobile Order and Pay represented 7% of U.S. company-operated transactions in the quarter, an increase from 3% in the same period last year. Mobile Payment reached 27% of U.S. company-operated transactions.
During the quarter, Starbucks opened 649 net new stores globally, bringing the total global store count up to 25,734.
In terms of guidance for the full fiscal year, the company expects to see EPS in the range of $2.12 to $2.14 and consolidated revenue growth in the range of 8% to 10%. The consensus estimates are calling for $2.14 in EPS and $23.11 billion in revenue.
Howard Schultz, Chairman and CEO of Starbucks, commented:
Starbucks is engaging more deeply – and more frequently – and expanding its base of loyal customers faster and more consistently today than ever before. The trust and confidence our customers have in the Starbucks brand is fueling our flywheel and propelling our business forward in markets and channels all around the world.
Scott Maw, CFO, added:
We are pleased with the record Q1 financial and operating results we announced today, particularly given that the results were delivered in the face of a challenging environment for restaurant retailers overall. As always, credit for our success belongs to the more than 300,000 Starbucks partners around the world who proudly wear the green apron and who deliver an elevated Starbucks Experience to our customers now over 90 million times, each week.
Shares of Starbucks closed Thursday at $58.46, with a consensus analyst price target of $64.73 and a 52-week trading range of $50.84 to $61.79. Following the release of the earnings report, the stock was down close to 2% at $57.40 in the after-hours trading session.
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