Starbucks
Starbucks
stock surged ahead of the open of trading Thursday after the coffee chain posted stronger fiscal fourth-quarter sales and earnings than expected.
The company reported earnings of $1.06 a share on record revenue of $9.38 billion in the quarter ending Oct.1. Analysts polled by FactSet were predicting earnings of 97 cents a share and sales at $9.29 billion.
Global same-store sales jumped 8%, driven by a 4% rise in the average customer check and a 3% rise in transactions. Same-store sales in North America and the U.S. also climbed 8% but higher checks, which rose 6%, had a greater impact, while transactions rose 2%.
“As we enter the current year, in the face of macro uncertainty, we remain confident in the momentum throughout our business and headroom globally. We expect sustained momentum throughout the company for years to come,” CEO Laxman Narasimhan said in a statement.
Starbucks
(ticker: SBUX) said it will reveal fiscal year 2024 financial targets during its conference call at 7 a.m. Eastern time.
Shares of Starbucks were 6.2% higher ahead of the opening bell. The stock has fallen 8% this year as of Wednesday’s close.
This is breaking news. Check back soon for more updates and analysis.
Write to Sabrina Escobar at [email protected]
Read the full article here