Starbucks (NASDAQ: SBUX) reported Q1 EPS of $0.72, $0.07 worse than the analyst estimate of $0.79. Revenue for the quarter came in at $8.1 billion versus the consensus estimate of $7.97 billion.

“This holiday quarter delivered strong revenue growth highlighted by incredible customer demand for Starbucks. As we enter the third year of this pandemic, our stores continue to play an important role as a community gathering place that offers safe, familiar and convenient experiences for our customers. Although demand was strong, this pandemic has not been linear, and the macro environment remains dynamic as we experienced higher-than-expected inflationary pressures, increased costs due to Omicron and a tight labor market. We remain focused on actions that drive both top and bottom line growth, including industry-leading investments to attract, train and retain the best talent for our stores as customer occasions increase,” said Kevin Johnson, president and ceo.

“Starbucks will continue to proactively address the industry challenges and operating environment while maintaining our focus on Starbucks partners and customers. Our brand is more resilient than ever as we navigate the future of Starbucks together,” concluded Johnson.

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