Starbucks slides after citing inflation costs during holiday quarter
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Starbucks Corporation (NASDAQ:SBUX) reported global comparable store sales rose 13% during FQ1. Average ticket was up 3% and transaction growth increased 10% during the quarter.
Comparable sales in the Americas increased 18%. Comparable transactions were up 12% in the region and a 6% increase in average ticket was seen. International comparable sales fell 3% during the quarter. China comparable store sales decreased 14%, driven by a 9% decline in average ticket and a 6% decline in transactions.
Active membership in Starbucks Rewards in the U.S. rose 21% to 26.4M during the quarter.
The company's consolidated operating margin came in at 15.1% of sales vs. 15.4% a year ago.
Starbucks opened 484 net new stores during the quarter for 4% year-over-year unit growth. The coffee chain ended the period with a record 34,317 stores globally.
"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," said CEO Kevin Johnson on the quarter.
Starbucks (SBUX) has a conference call scheduled for 5:00 p.m. ET during which it plans to update on financial targets.
Shares of Starbucks are down 3.82% AH to $94.99 after the profit miss.