Starbucks (NASDAQ:SBUX) perked up its quarterly earnings on Thursday.
For the third quarter, Starbucks reported adjusted earnings of US$0.62 per share, beating analysts’ estimates of US$0.61. Revenue for the quarter came in at US$6.31 billion versus estimates for US$6.26 billion.
Comparable stores sales were up 1% in the U.S. and globally surpassing estimates of 0.8%. The company expects full-year global comp sales growth to be “just below the 3-5% targeted range.”
Shares were up about 1% in the after-hours session.
“Starbucks record performance in Q3 reflects successful execution against our strategic growth priorities and our commitment to deliver predictable, sustainable growth at scale — and meaningful increases in long-term value — for our shareholders,” chief executive officer Kevin Johnson said in a release.
“We remain confident in our global growth strategies, in the sustainability of our leadership position around all things coffee and tea and in our leadership teams around the world to navigate our next phase of growth.”
This quarter, 1.9 million people joined the Starbucks Rewards loyalty program, a 14% jump from the same period last year. More than 40% of U.S. sales are from the members enrolled in the loyalty program. Mobile Order and Pay now account for 13% of U.S. transactions.
“Starbucks record Q3 revenues and profits once again reflect the underlying strength of the Starbucks business and brand all around the world,” said chief financial officer, Scott Maw.
“We continue to grow share in virtually every market and channel in which we operate at the same time that our streamline initiatives are enabling us to sharpen our focus - and leverage our resources - against our highest value, long-term growth opportunities.”
This quarter, the firm also opened 511 new stores, taking its total to 28,720. The company expects to open 2,300 new Starbucks stores in 2018.
Shares of Starbucks closed at