Starbucks Corp (NASDAQ:SBUX) has reported fourth-quarter revenue and earnings that came in well ahead of analysts’ expectations as it brewed more lattes, sending its share higher on Thursday morning.
The coffee giant credited its three-year ‘Reinvention’ plan for the strong growth, with an 8% rise in global comparable store sales driven by a 4% increase in average ticket (spending per customer), with comparable transactions rising by 3%.
It opened 816 net new stores over the quarter, ending the period with 38,038 outlets, of which 52% were company-operated and 48% licensed.
Revenue rose 11% to a record $9.37 billion for the three months ended September 30, 2023, ahead of the Zacks Consensus Estimate for revenue of $9.22 billion.
Adjusted earnings per share jumped 31% to $1.06, beating the $0.97 consensus estimate of analysts polled by Zacks Investment Research.
“We finished our fourth quarter and full fiscal year strong, delivering on the higher end of our full-year guidance,” CEO Laxman Narasimhan commented in a statement.
“Our Reinvention is moving ahead of schedule, fueling revenue growth, efficiency and margin expansion. Notably, we continue to see the positive impact of our Reinvention on our partner and customer experiences, proof points that we can continue to create, grow and strengthen our business while creating value for all.”
The company’s shares traded 10% up at $100.44 in late morning trading in New York.
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