Starbucks Stock Rises On Mixed Q4 Earnings: 'It's Clear That Our Turnaround Is Taking Hold'

Benzinga

Starbucks posted Q4 revenue of $9.57 billion, topping expectations despite slightly weaker earnings at 52 cents per share. CEO Brian Niccol said the company’s “Back to Starbucks” strategy is fueling a turnaround, with international sales up 3% and shares rising 1.8% in after-hours trading.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Starbucks reported fourth quarter revenue of $9.57 billion,

00:06passing out its expectations of $9.35 billion.

00:09Justin Erdings came in at 52 cents per share, below estimates of 56 cents.

00:13According to Benzinga Pro, comparable sales were flat in North America

00:16and up 3% internationally, including a 2% increase in China.

00:20CEO Brian Nichols said Starbucks' turnaround is gaining momentum

00:23under its Back to Starbucks strategy,

00:26restoring global sales growth and confidence in the company's direction.

00:29Starbucks closed 107 stores during the quarter,

00:32ending with 40,999 locations,

00:34and reported $3.22 billion in cash and equivalents.

00:38Starbucks shares rose 1.81% in after-hours trading

00:41to $85.70 on Wednesday, according to Benzinga Pro.

00:44For all things money, visit Benzinga.com.

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