Kevin Johnson, CEO, Starbucks
Scott Mlyn | CNBC
Starbucks reported on Tuesday that U.S. sales in the same store fell 5% during the first fiscal quarter, after a surge in new Covid-19 cases led to strict restrictions on eateries.
This is what the company reported compared to what Wall Street expected, based on a survey by analysts by Refinitiv:
- Earnings per share: 61 cents, adjusted, compared to 55 cents expected
- Revenue: $ 6.75 billion versus $ 6.93 billion expected
Excluded items earn the coffee giant 61 cents per share, above the 55 cents per share expected by analysts surveyed by Refinitiv.
Net sales fell 5% to $ 6.7 billion, below expectations of $ 6.9 billion. Worldwide, the company’s sales with the same store fell by 5%. The chain experienced 19% fewer transactions during the quarter, but the average ticket increased by 17%.
In the US, sales of the same stores fell by 5%. The company’s recovery in its housing market has been hampered by a new surge in new Covid-19 cases as temperatures have cooled. The number of Starbucks Rewards members active over the past 90 days increased by 15% to 21.8 million people.
In China, Starbucks’ second-largest market, sales of the same stores became positive for the first time since the health crisis. Sales in the same store increased by 5%, although transactions continued to decline compared to the same time a year ago.
The company opened 278 new cafes during the quarter and now has a footprint approaching 33,000 locations.