Starbucks Coffee (SBUX) Better Than Feared - Stifel
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Stifel analyst, Mark Astrachan, reiterated his Hold rating on shares of Starbucks (NASDAQ: SBUX) after 4Q16 (September) results of $0.56 was $0.01 above the high-end of guidance and consensus expectations.
Comparable store sales increased 4% in the quarter, falling short of consensus of nearly 5% growth but accelerating modestly on a 2-year basis. U.S. comp growth of 4% was modestly below expectations and made up of 6% ticket and -1% traffic, with the new spend-based loyalty program shifting 2pts of growth from traffic to ticket. China/Asia Pacific comp store sales grew 1%, below the 5.5% level anticipated for the quarter and driven by declines in Japan and sequential deceleration in China.
In short the results were better than feared but not good enough for an upgrade the analyst said.
Shares of Starbucks closed at $51.77 yesterday.
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