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Starbucks Corporation (NASDAQ:SBUX) shares fell over 6 percent after reporting a slight fourth-quarter sales miss.
The coffee giant reported fourth-quarter adjusted EPS of 55 cents, falling in line with analyst estimates. Sales came in $100 million short of estimates at $5.7 billion.
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"Today, Starbucks reported another quarter – and year – of strong performance, with each of our business segments around the world contributing to record results,” said CEO Kevin Johnson. “Food, beverage and digital innovation are bringing customers into our stores at the same time as ongoing operational improvements are enabling us to drive increased throughput - particularly in our busiest stores at peak - and deliver a further elevated Starbucks Experience to our customers.”
Starbucks also announced it entered into a definitive agreement with Unilever plc (ADR) (NYSE:UL) to sell its Tazo tea brand for $384 million, leading the company to a single tea brand strategy with its premium Teavana brand.
Q4 Highlights
- Starbucks announced a 20 percent quarterly dividend raise, from 25 cents to 30 cents
- $15 billion committed to return to shareholders within three years
- Global and US comps up 2 percent
Click here for the full results.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.