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Starbucks quarterly profit down 30%

27 January 2021
2 min.
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.

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