Starbucks Posts Higher Profit as U.S. Sales Strengthen -- Update
31 October 2019 - 8:03AM
Dow Jones News
By Micah Maidenberg
Starbucks Corp. said stronger sales in the U.S. bolstered
results in its latest quarter.
The coffee chain on Wednesday reported global comparable-store
sales rose 5% in the company's fiscal fourth quarter. Analysts
polled by Consensus Metrix had expected a 4% gain on that metric.
Comparable sales rose 6% in the U.S., Starbucks said.
Overall, the company said quarterly revenue rose 7% from a year
earlier to $6.7 billion.
Starbucks posted a quarterly profit of $802.9 million, or 67
cents a share, up from $755.8 million, or 56 cents a share, last
year.
Profit of 70 cents a share, after adjustments, was in line with
what analysts polled by FactSet had predicted.
Shares in Starbucks were up 1.6% in afterhours trading. The
stock is up about 31% so far this year.
Starbucks also said Wednesday it believes it will earn an
adjusted profit of $3 to $3.05 a share for its 2020 fiscal
year.
In September, finance chief Patrick Grismer warned the company's
profit growth would slow in the year because tax-related benefits
wouldn't be repeated.
Starbucks also forecast a 3% to 4% gain in global comparable
sales for the 2020 fiscal year.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
October 30, 2019 16:48 ET (20:48 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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