Photo: Celine.Q via flickr
The coffee giant is due to report second quarter earnings after the closing bell.They just announced earnings of $0.40 per share, which beat analysts expectations. And revenue of $3.2 billion is roughly in line with estimates. Global store sales were up 7% vs. an expected increase of 8.2%.
Analysts polled by Bloomberg were expecting earnings of $0.39 per share on $3.19 billion of revenue.
Although EPS and revenue beat estimates, same-store sales fell below expectations. The stock is down over 4% in after-market trading.
Investors are eager to see the results of the company’s new initiatives such as sales of the new Blonde Roast and sales at the new Evolution Fresh juice bar.
Here are the highlights from the release:
- Total net revenues increased 15% to $3.2 billion
- Global comparable store sales increased 7%, driven by a 6% increase in traffic and a 1% increase in average ticket
- EPS increased 18% to $0.40 per share, compared to $0.34 per share in Q2 FY11
- Channel Development revenues increased 57%, driven by sales of Starbucks- and Tazo-branded K-Cup® packs and the benefit of recognising the full revenue from packaged coffee sales under the direct distribution model
- Starbucks opened 176 net new stores globally, including its 3,000th store in the China/Asia Pacific segment, its first store in Norway and the first Evolution Fresh™ store in Bellevue, Wash.