Starbucks edges past sales expectations as U.S. strength offsets a slowdown China
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Starbucks Corporation (NASDAQ:SBUX) reported global comparable store sales rose 7% during FQ2. Average ticket was up 4% and transaction growth increased 3% during the quarter.
Total revenue barely topped expectations with a tally of $7.64B vs. $7.60B expected.
Comparable sales in the Americas increased 12%. Comparable transactions were up 5% in the region and a 7% increase in average ticket was seen. International comparable sales fell 8% during the quarter. China comparable store sales plunged 23%, driven by a 4% decline in average ticket and a 20% decline in transactions.
Active membership in Starbucks Rewards in the U.S. rose 17% to 26.7M during the quarter.
The company's consolidated non-GAAP operating margin fell to 13.0% of sales vs. 16.0% a year ago.
Starbucks (SBUX) opened 313 net new stores during the quarter. The coffee chain ended the period with a record 34,630 stores globally.
Of note, CEO Howard Schultz made a return to the SBUX earnings releases.
"Given record demand and changes in customer behavior we are accelerating our store growth plans, primarily adding high-returning drive-thrus, and accelerating renovation programs so we can better meet demand and serve our customers where they are."
Starbucks (SBUX) has a conference call scheduled for 5:00 p.m. ET during which execs may be asked about the capital allocation plans and the unionization battle.
Shares of Starbucks are down 0.24% AH to $$74.15 after the profit miss following a 1.38% dip during the regular session.
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