Starbucks rallies after reporting strong results for fourth quarter
Starbucks (NASDAQ:SBUX) posted an impressive set of results that surpassed analyst expectations, sending its shares more than 7.5% higher in early New York trading on Thursday.
Global comparable sales increased by 8%, outperforming the expected 6.3%. The U.S. also saw a comparable sales growth of 8%, while same-store sales rose 5% internationally, below the expected 6.3%.
In the Chinese market, comparable sales increased by 5%, surpassing the estimated 4.6%.
Starbucks reported an adjusted earnings per share of $1.06, topping the expected 97 cents. Net revenue for the quarter reached $9.4 billion, while analysts were looking for $9.29 billion.
“We finished our fourth quarter and full fiscal year strong, delivering on the higher end of our full-year guidance. Our Reinvention is moving ahead of schedule, fueling revenue growth, efficiency and margin expansion,” commented Laxman Narasimhan, chief executive officer.
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