19:52
+3 C°
Traffic jam:   7
$
73.7532
89.6691

Starbucks quarterly profit down 30%

27 January 2021
1542
2 min.
2
Starbucks quarterly profit down 30%

Starbucks earnings

US-based Starbucks Corp (NASDAQ:SBUX). which owns the world's largest coffee chain, saw its net profit for the first quarter of fiscal 2021, which ended on December 27, 2020, decline 30% to $622.2 million, or 53 cents per share, from $885.7 million, or 74 cents per share, earned in the comparable period a year earlier.

Revenue fell 5 percent to $6.75 billion from $7.1 billion, the company said in a press release.

The performance was worsened by shorter opening hours, lower footfall and the suspension of some outlets.

Analysts polled by FactSet had on average forecast the company's earnings at 55 cents per share on revenue of $6.91 billion.

Starbucks global like-for-like sales declined 5% last quarter. The number of purchases fell 19%, while the average check went up 17%.

In the Americas, like-for-like sales declined 6% with a 21% decline in the number of purchases and a 20% increase in average check. Elsewhere, like-for-like sales declined 3% due to a 10% decline in purchases, while check value rose 8%.

In China, like-for-like sales were up 5%, while the number of purchases decreased 3% and the check increased 9%.

Starbucks board of directors has approved a dividend of 45 cents per share, which will begin to be paid on March 5. The closing of the share register is scheduled for 18 February.

The number of Starbucks coffeehouses in the first fiscal quarter grew by 4% compared to the same period of the previous year and reached 32,938 thousand, including 15,34 thousand coffeehouses in the USA and 4,863 thousand in the PRC.

The company reiterated its forecast that its global like-for-like sales will increase by 18-23% and revenues will reach $28-29 bln in FY2021 alone, with earnings per share estimates improving to $2.42-2.62 from the previously expected $2.34-2.54.

Starbucks shares were down 1.6 per cent in after-hours trading on Tuesday. The company's market value has risen 18% over the past twelve months, while the Standard Poor's 500 stock index climbed 17.5% over the period.

Companies2 in the news

FactSet
1 place
Starbucks
2 place
Section:

Discussion

Rating companies
Tesla
40 Mention
Apple
38 Mention
Amazon
35 Mention
Nasdaq
32 Mention
Facebook
31 Mention
White House
30 Mention
Dow Jones
29 Mention

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director