By Davit Kirakosyan
Starbucks (NASDAQ:SBUX) shares rose nearly 3% after-hours following the company’s reported Q4 results, with EPS of $0.81 coming in better than the consensus estimate of $0.73. Revenue increased 3% (up 11% on a 13-week basis) to a record $8.4 billion, beating the consensus estimate of $8.33 billion.
Global comparable store sales were up 7%, primarily driven by an 8% increase in average ticket. North America and U.S. comparable store sales were up 11%, driven by a 10% increase in average ticket and a 1% increase in comparable transactions. International comparable store sales decreased 5%, driven by a 5% decline in comparable transactions and a 1% decline in average ticket. China comparable store sales decreased 16%, driven by a 17% decline in comparable transactions, partially offset by a 1% increase in average ticket.
“We saw accelerating demand for Starbucks coffee around the world in Q4 and throughout the year. And our Q4 results demonstrate early evidence of the success of our U.S. Reinvention investments. Reinvention will touch, and elevate, every aspect of our Starbucks partner, customer and store experiences, and ideally position Starbucks to deliver accelerated, sustainable, long-term, profitable growth and value creation beginning in 2023,” said Howard Schultz, interim chief executive officer of Starbucks.
The company will discuss its fiscal 2023 financial targets, originally introduced at Starbucks 2022 Investor Day, during its Q4/22 and Full Year earnings conference call starting today at 2:00 p.m. Pacific Time.