Starbucks (NASDAQ:SBUX) shares fell soon after the bell, even after beating analyst estimates and posting stronger-than-expected same-store sales growth. Starbucks reaffirmed its outlook.
The retail coffee giant reported Q2 Consolidated Net Revenues Up 14% to $8.7 Billion. Q2 Comparable Store sales were up 11% globally; Up 12% in North America; Up 7% in International. Q2 GAAP EPS came in at $0.79; Non-GAAP EPS $0.74 Reflecting stronger-than-expected performance globally.
CEO Laxman Narasimhan “I am very pleased with our Reinvention progress and grateful for the opportunity to fully immerse into the company, which I formally took over on March 20, 2023. It is a privilege to have learned from our founder and partners around the world.
“From my immersion observations, our leadership team now has a clear line of sight into our growth headroom, as well as our opportunities to enhance margins and modernize the business, brand, partner experience and culture of Starbucks. As we strive to continue to be a different kind of company, we will unlock our limitless possibilities to meet the needs of today and, importantly, the future of Starbucks.”
“I am so proud of our outstanding second quarter performance, underscoring strength in both topline and margin globally. This momentum was made possible by the investments we are making in our stores and partners, and allowed us to continue unlocking capital to further reinvest in our business,” commented Rachel Ruggeri, chief financial officer.
SBUX shares lost $8.61, or 7.5%, to $105.85.
