Strarbucks (SBUX) Plunges on Q3 Top and Bottom Line 'Miss', Lower Guidance
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Price: $63.02 -0.79%
Revenue Growth %: +11.3%
Financial Fact:
General and administrative expenses: 230.3M
Today's EPS Names:
ANF, DXLG, FL, More
Revenue Growth %: +11.3%
Financial Fact:
General and administrative expenses: 230.3M
Today's EPS Names:
ANF, DXLG, FL, More
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Shares of Starbucks Corp (NASDAQ: SBUX) are tumbling in after-hours trading on Thursday following a third quarter earnings miss lower guidance. As a result, shares traded lower by as much as 10 percent.
The company reported Q3 EPS of $0.43, $0.02 worse than the analyst estimate of $0.45. Revenue for the quarter came in at $3.3 billion versus the consensus estimate of $3.33 billion.
Comps came in at 7 percent, compared to 8 percent for the same quarter in 2011. Total revenue increased 13 percent. However, revenue growth for the Q4 was guided down to 10-12 percent, and earning per share is expected to come in at $0.44-0.45, representing growth of 19-22 percent. Wall Street was looking for earnings per share of $0.48.
The lower guidance, "reflect the difficult economic environment all global retailers are confronting today," commented Troy Alstead, CFO. "Nonetheless, we remain confident in the underlying strength of our business, in the strategies we have in place for driving sustained, profitable growth, and in our ability to again drive earnings growth in the range of 15% - 20% in fiscal 2013."
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The company reported Q3 EPS of $0.43, $0.02 worse than the analyst estimate of $0.45. Revenue for the quarter came in at $3.3 billion versus the consensus estimate of $3.33 billion.
Comps came in at 7 percent, compared to 8 percent for the same quarter in 2011. Total revenue increased 13 percent. However, revenue growth for the Q4 was guided down to 10-12 percent, and earning per share is expected to come in at $0.44-0.45, representing growth of 19-22 percent. Wall Street was looking for earnings per share of $0.48.
The lower guidance, "reflect the difficult economic environment all global retailers are confronting today," commented Troy Alstead, CFO. "Nonetheless, we remain confident in the underlying strength of our business, in the strategies we have in place for driving sustained, profitable growth, and in our ability to again drive earnings growth in the range of 15% - 20% in fiscal 2013."
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