Starbucks gains after higher prices in North America offset weak sales in China
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Starbucks Corporation (NASDAQ:SBUX) reported global comparable store sales rose 3% during FQ3. Average ticket was up 6% to offset a 3% decline in transactions during the quarter.
Total revenue barely topped expectations with a tally of $8.15B.
Comparable sales in North America increased 9%, driven by an 8% increase in average ticket. Comparable transactions were up 1% in the region. The operating margin fell to 22.0% of sales from 24.3% a year ago.
International comparable sales fell 18% during the quarter. China comparable store sales plunged 44%, driven by a 43% decline in transactions with COVID restrictions holding back traffic in key cities.
Active membership in Starbucks Rewards in the U.S. rose 13% to 27.4M during the quarter.
The company's consolidated non-GAAP operating margin was up sequentially, but fell to 16.9% of sales from the 20.4% level a year ago.
Starbucks (SBUX) opened 318 net new stores during the quarter. The coffee chain ended the period with a record 34,948 stores globally.
CEO Howard Schultz: "We have clear line-of-sight on what we need to do to reinvent the company, elevate our partner and customer experiences and drive accelerated, profitable growth all around the world."
Starbucks (SBUX) has a conference call scheduled for 5:00 p.m. ET during which execs may be asked about store closings and the unionization battle.
Shares of Starbucks rose 1.27% AH to $84.81 following a 1.37% dip during the regular session.
See the valuation metrics on Starbucks.