{"id":5976,"date":"2023-11-02T10:36:09","date_gmt":"2023-11-02T10:36:09","guid":{"rendered":"https:\/\/connectwithfund.com\/news\/starbucks-beats-on-the-top-and-bottom-line-as-customers-buy-up-pricier-drinks\/"},"modified":"2023-11-02T10:36:10","modified_gmt":"2023-11-02T10:36:10","slug":"starbucks-beats-on-the-top-and-bottom-line-as-customers-buy-up-pricier-drinks","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=5976","title":{"rendered":"Starbucks beats on the top and bottom line as customers buy up pricier drinks"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">Starbucks<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> on Thursday reported quarterly earnings and revenue that topped analysts&#8217; expectations, fueled by strong U.S. demand for its pricier drinks.<\/p>\n<p>Shares of the company rose more than 7% in premarket trading.<\/p>\n<p>Here&#8217;s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:<\/p>\n<ul>\n<li>Earnings per share: $1.06 adjusted vs. 97 cents expected<\/li>\n<li>Revenue: $9.37 billion vs. $9.29 billion expected<\/li>\n<\/ul>\n<p>The coffee giant reported fiscal fourth-quarter net income attributable to the company of $1.22 billion, or $1.06 per share, up from $878.3 million, or 76 cents per share, a year earlier.<\/p>\n<p>Net sales<strong> <\/strong>climbed 11.4% to $9.37 billion. <\/p>\n<p>The company&#8217;s same-store sales rose 8%, fueled by higher average checks and a 3% increase in customer traffic to its cafes. Analysts surveyed by StreetAccount were expecting same-store sales growth of 6.8%, but the company&#8217;s domestic locations outperformed.<\/p>\n<p>U.S. and North American same-store sales grew 8%. Average check in Starbucks&#8217; home market rose 6%, while traffic ticked up 2%.<\/p>\n<p>Outside North America, same-store sales increased 5%, driven entirely by more customer visits.<\/p>\n<p>In China, Starbucks&#8217; second-largest market, same-store sales rose 5%. Customer traffic increased 8%, but average ticket fell 3%. <\/p>\n<p>Starbucks said it would share its full-year outlook for fiscal 2024 on its investor conference call. The company will also be giving an update on its &#8220;reinvention&#8221; strategy to investors on Thursday afternoon in New York City.<\/p>\n<p><em>This story is developing. Please check back for updates.<\/em><\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/11\/02\/starbucks-sbux-earnings-q4-2023.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starbucks on Thursday reported quarterly earnings and revenue that topped analysts&#8217; expectations, fueled by strong U.S. demand for its pricier drinks. Shares of the company rose more than 7% in premarket trading. Here&#8217;s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv: Earnings per share: $1.06 adjusted vs. 97 cents expected Revenue: $9.37 billion vs. $9.29 billion expected The coffee giant reported fiscal fourth-quarter net income attributable to the company of $1.22 billion, or $1.06 per share, up from $878.3 million, or 76 cents per share,<\/p>\n","protected":false},"author":1,"featured_media":5977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-5976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Starbucks beats on the top and bottom line as customers buy up pricier drinks | 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