Starbucks Corporation (NASDAQ:SBUX) announced better-than-expected fourth-quarter results as same-store sales and Starbucks Rewards membership increased.
The coffee giant reported earnings of $0.62 per share on revenue of $6.3 billion compared with $0.55 per share on revenue of $5.7 billion in the previous year’s fourth quarter.
The Seattle-based company beat Wall Street estimates of $0.60 EPS on revenue of $6.27 billion.
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Shares of Starbucks soared nearly 8% to $63.30 in Thursday after-hours trading.
Same-store sales were up 3%, ahead of analyst estimates of a 2.3% jump globally.
Active Starbucks Rewards membership in the US increased 15% year over year to 15.3 million users.
“As we enter fiscal 2019, we are executing against a clear growth agenda, with a focus on our long-term growth markets of the U.S. and China,” said CEO Kevin Johnson.
The company recently opened its Milan Roastery, its first location in Italy, a country known for its fierce dedication to espresso.
Starbucks kicked off the upcoming season with its eagerly anticipated holiday cups and the re-launch of its festive menu, which is available as of November 2.
The holiday menu will feature peppermint mocha, toasted white chocolate mocha, caramel brulée latte, chestnut praline latte, gingerbread latte, and eggnog latte as well as sugarplum cheese danish and penguin cake pops.
Starbucks is enticing customer to be eco-friendlier with its free, limited-edition red reusable cup, available in participating stores while supplies last.
Customers who use a reusable holiday cup in the US and Canada after 2 pm will receive 50 cents off grande-size holiday beverages from November 3 through January 7, 2019.
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