Kevin Johnson, CEO, Starbucks
Scott Mlyn | CNBC
Starbucks reported on Tuesday that same-store sales in the US fell 5% during the fiscal first quarter after a wave of new Covid-19 business led to tighter eating restrictions.
Here’s what the company reported compared to what Wall Street expected, based on an analyst survey by Refinitiv:
- Earnings per share: 61 cents, adjusted, versus 55 cents expected
- Revenue: $ 6.75 billion vs. $ 6.93 billion expected
Excluding items, the coffee giant earned 61 cents a share, above the 55 cents a share expected by analysts polled by Refinitiv.
Net sales declined 5% to $ 6.7 billion, falling short of expectations of $ 6.9 billion. Globally, the company’s sales in the same store fell by 5%. The chain saw 19% fewer transactions during the quarter, but the average ticket was up 17%.
In the US, sales in the same store fell by 5%. The company’s recovery in the home market was hampered by another wave of new Covid-19 cases as temperatures turned colder. The number of Starbucks Rewards members active in the past 90 days increased 15% to 21.8 million people.
In China, Starbucks’ second largest market, same-store sales turned positive for the first time since the onset of the health crisis. Sales in the same store were up 5%, although transactions were still down from the same time a year ago.
The company opened 278 net new cafes during the quarter and now has a footprint of nearly 33,000 locations.