Starbucks Coffee (NASDAQ: SBUX) reported Q1 EPS of $0.58, $0.01 better than the analyst estimate of $0.57, ex-tax benefit. Revenue for the quarter came in at $6.07 billion versus the consensus estimate of $6.18 billion.

• Global comparable store sales increased 2%, driven by a 2% increase in average ticket
  • Americas and U.S. comp store sales increased 2%, driven by a 2% increase in average ticket
  • CAP comp store sales increased 1%, driven by a 1% increase in transactions
    • China comp store sales increased 6%, driven by a 6% increase in transactions

“Starbucks reported another quarter of record financial results in Q1 of fiscal 2018, with consolidated revenues up 6% over last year - up 7% excluding 1% for the impact of streamlining activities in the quarter. China grew revenues 30% in Q1, with the strategic acquisition of East China positioning us to accelerate our growth in the key China market,” said Kevin Johnson, president and ceo. “Today, Starbucks has two powerful, independent but complementary engines driving our global growth, the U.S. and China. Our work to streamline the company is sharpening our focus on our core operating priorities.”

“Starbucks delivered solid revenue and profit growth and our first ever $6 billion revenue quarter in Q1,” said Scott Maw, cfo. “We are laser-focused on accelerating growth in China and driving improvement across the U.S. business as we move into and through the back half of the year, and remain committed to delivering on the long-term targets we announced last quarter.”

Starbucks now expects GAAP EPS in the range of $3.32 to $3.36 and non-GAAP EPS in the range of $2.48 to $2.53 (*** consensus is $2.39), consistent with guidance issued last quarter but updated to include the expected net impact of the new U.S. tax law's federal statutory tax rate and related reinvestments. Continue to expect 3-5% comparable store sales growth globally, expect to be near the low end of the range for the year. Continue to expect approximately 2,300 net new stores globally.

For earnings history and earnings-related data on Starbucks Coffee (SBUX) click here.