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.