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Benzinga
  • 2 years ago
Starbucks reported first-quarter revenue of $9.4 billion, up 8% year-over-year but missing estimates of $9.6 billion. Adjusted EPS was $0.90, also below expectations. US same-store sales grew 5% year-over-year versus the estimated 5.73%, and foot traffic rose only 1%, while check size went up 4%. Starbucks lowered its FY2024 total revenue growth guidance to 7 to 10% from 10 to 12% previously. Starbucks aims to boost U.S. foot traffic further by launching three new flavor lines targeting Gen Z and introducing new drinks for Valentine's Day.
Transcript
00:00 It's Benzinga and here's what's on the block.
00:02 Starbucks reported first quarter revenue of $9.4 billion, up 8% year over year,
00:08 but missing estimates of $9.6 billion. Adjusted EPS was 90 cents, also below expectations.
00:16 U.S. same-store sales grew 5% year over year versus the estimated 5.73%,
00:20 and foot traffic rose only 1%, while check size went up 4%.
00:25 Starbucks lowered its FY 2024 total revenue growth guidance to 7-10%, from 10-12% previously.
00:33 Starbucks aims to boost U.S. foot traffic further by launching three new flavor lines
00:37 targeting Gen Z and introducing new drinks for Valentine's Day.
00:40 Shares rose over 4% in after-hour trading.
00:43 For all things money, visit Benzinga.com.
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