Starbucks Reports Q1 Sales Miss, Store Sales Declined 5%

Tanzeel Akhtar
·1 min read

Starbucks Corporation (NASDAQ: SBUX) on Tuesday reported quarterly earnings of 61 cents per share, which beat the analyst consensus estimate of 55 cents by 10.91%. This is a 22.78% decrease over earnings of 79 cents per share from the same period last year.

The company reported quarterly sales of $6.75 billion, which missed the analyst consensus estimate of $6.93 billion by 2.61%. This is a 4.9% decrease over sales of $7.10 billion for the same period last year. Global comparable store sales declined 5%.

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"I am very pleased with our start to fiscal 2021, with meaningful, sequential improvements in quarterly financial results despite ongoing business disruption from the pandemic. Investments in our partners, beverage innovation and digital customer relationships continued to fuel our recovery and position Starbucks for long-term, sustainable growth," said Kevin Johnson, president and CEO of Starbucks in a statement.

Starbucks shares closed Tuesday's session up 1.2% at $104.69 and traded a bit lower in the after-hours session. The stock has a 52-week high of $107.75 and a 52-week low of $50.02.

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