Starbucks (SBUX) Tops Q1 EPS by 6c, Q2 EPS Guidance Misses

January 26, 2021 4:08 PM EST

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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

GUIDANCE:

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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