When Starbucks Corp. (NASDAQ: SBUX) reported its fiscal second-quarter financial results after the markets closed on Thursday, the company said that it had $0.45 in earnings per share (EPS) and $5.29 billion in revenue. Consensus estimates had called for $0.45 in EPS and revenue of $5.41 billion. The same period of last year reportedly had EPS of $0.39 and $4.99 billion in revenue.
Global comparable sales grew by 3% this quarter. This was ultimately pushed by U.S. comps rising by 3% and then China comps rising by 7%. The U.S. rise was driven by an increase in the average ticket price, while China’s was driven by the sheer increase in transactions.
During the quarter, the company repurchased 11.3 million shares of common stock. Some 99 million shares remain available for purchase under current authorizations.
Also Starbucks did not offer any guidance for the current quarter in this release. Analysts have forecast $0.55 in EPS and $5.79 in revenue in the fiscal third quarter.
Kevin Johnson, Starbucks president and chief executive, commented:
With our U.S. business accelerating throughout the quarter and strong performance in China, we are poised to deliver strong revenue growth in the second half and into the future. Our success in opening over 2,000 stores around the world annually, delivering record AUV and profit, despite a very difficult period for many brick-and-mortar retailers is a testament to the 330,000 partners who proudly wear the green apron.
Shares of Starbucks closed Thursday down 0.4% at $61.30, with a consensus analyst price target of $64.23 and a 52-week trading range of $50.84. Following the release of the earnings report, the stock was down 4.6% at $58.50 in early trading indications Friday.