The results are the latest example of how the pandemic continues to affect global companies such as Starbucks (ticker: SBUX). Outbreaks of the Covid-19 virus over the summer triggered lockdowns in China, bringing a slowdown in consumer spending.
The company’s stock (ticker: SBUX) fell 5.7% to $106.73 in premarket trading Friday.
“Like other retailers, we are seeing consumers come back at record levels,” said CEO Kevin Johnson on a call with investors Thursday evening.
The company reported adjusted earnings of $1 a share, while the consensus expectation among analysts tracked by FactSet was for 99 cents. Revenue was $8.15 billion, falling short of the consensus estimate of $8.21 billion.
Same-store sales were up 22% compared with the same period last year, and up 11% over prepandemic levels. But same-store sales in the key China market fell 7% in the quarter compared with last year’s period.
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