Starbucks (SBUX) Tops Q1 EPS by 6c, Q2 EPS Guidance Misses
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Starbucks (NASDAQ: SBUX) reported Q1 EPS of $0.61, $0.06 better than the analyst estimate of $0.55. Revenue for the quarter came in at $6.75 billion versus the consensus estimate of $6.93 billion.
- Global comparable store sales declined 5%, driven by a 19% decrease in comparable transactions, partially offset by a 17% increase in average ticket
Starbucks sees FY2021 EPS of $2.70-$2.90, versus the consensus of $2.81. Starbucks sees FY2021 revenue of $28-29 billion, versus the consensus of $28.5 billion.
- Global comparable store sales growth of 18% to 23%
- Americas and U.S. comparable store sales growth of 17% to 22%
- International comparable store sales growth of 25% to 30%
- China comparable store sales growth of 27% to 32%
- Approximately 2,150 new store openings and 1,100 net new Starbucks stores globally
- Americas approximately 850 new store openings and approximately 50 net new stores
- International approximately 1,300 new store openings and 1,050 net new stores
- Approximately 600 net new stores in China
- Consolidated revenue of $28.0 billion to $29.0 billion, inclusive of a $500 million impact attributable to the 53rd week
- Channel Development revenue of $1.4 billion to $1.6 billion
- Consolidated GAAP operating margin of 14% to 15%
- Consolidated Non-GAAP operating margin of 16% to 17%
- Interest expense of approximately $470 million to $480 million
- GAAP and non-GAAP effective tax rates in the mid-20%s
- Non-GAAP EPS in the range of $2.70 to $2.90, inclusive of a $0.10 impact attributable to the 53rd week
- Capital expenditures of approximately $1.9 billion
Starbucks sees Q2 2021 EPS of $0.45-$0.50, versus the consensus of $0.59.
- Q2 FY21 U.S. comparable store sales growth of approximately 5% to 10%
- Q2 FY21 China comparable store sales growth of nearly 100%
- Q2 FY21 GAAP EPS in the range of $0.36 to $0.41
- Q2 FY21 Non-GAAP EPS in the range of $0.45 to $0.50
For earnings history and earnings-related data on Starbucks (SBUX) click here.
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