Starbucks Down 4.8% on Lower Than Expected Guidance
Starbucks Corporation (NASDAQ: SBUX) is trading lower on the session following its Q2 earnings and full year guidance announcements yesterday. The company reported an EPS of $0.40 vs $0.39 estimate and revenues $3.2 billion vs $3.18 billion estimate. Starbucks guided a FY EPS $1.81-1.84 vs $1.86 estimate. Howard Schultz, chairman, president and CEO stated: "Starbucks record Q2 performance demonstrates the strength of our business, the increasing power and global relevance of our brand and the success of our unique Blueprint for Profitable Growth business strategy. In Q2 we expanded our retail presence, recorded our seventh consecutive quarter of over 20% sales growth in China, introduced new products into multiple channels and more than offset high legacy commodity costs through increased efficiencies. I could not be more excited or more optimistic about the future of our company as we pursue disciplined, profitable growth all around the world."
Starbucks is currently trading at $57.76, a loss of $2.90 or 4.78%.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.