From StockNews.com: Starbucks Corporation (NASDAQ:SBUX) late Thursday posted mixed first quarter earnings results and lowered its 2017 revenue outlook, sending its shares lower in aftermarket trading.
The Seattle-based coffee chain reported Q1 EPS of $0.52, which matched the Wall Street consensus estimate of $0.52. Revenues rose 6.7% from last year to $5.73 billion, falling short of analysts’ $5.85 billion view.
Global comparable store sales rose +3% in the latest period, with a 3% gain in the Americas, a 5% rise in CAP, and a -1% decline in the EMEA region.
Looking ahead, SBUX forecast full-year adjusted 2017 EPS to range from $2.12 to $2.14, while analysts are looking for $2.14 for the year. Starbucks also cut its 2017 revenue guidance from double digit growth to +8-10% growth. This new outlook implies revenues of $23.02 to $23.45 billion, versus Wall Street’s $23.11 billion view.
The company commented via press release:
“We are pleased with the record Q1 financial and operating results we announced today, particularly given that the results were delivered in the face of a challenging environment for restaurant retailers overall,” said Scott Maw, cfo. “As always, credit for our success belongs to the more than 300,000 Starbucks partners around the world who proudly wear the green apron and who deliver an elevated Starbucks Experience to our customers now over 90 million times, each week.”
Starbucks Corporation shares fell $2.22 (-3.8%) in after-hours trading Thursday. Year-to-date, SBUX has gained 5.30%, versus a 2.59% rise in the benchmark S&P 500 index during the same period.
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