Starbucks Corporation SBUX reported fourth-quarter and full fiscal year results after the market close Thursday. Here are the key highlights.
What Happened: Starbucks reported fourth-quarter revenue of $8.41 billion, up 3% year-over-year. The revenue total beat a Street estimate of $8.31 billion, according to data from Benzinga Pro.
The company reported earnings per share of 81 cents in the fourth quarter, beating a Street estimate of 72 cents per share.
Same store sales were up 7% globally in the fourth quarter, with the U.S. segment up 11% and the international region excluding China up double digits.
China same-store sales were down 16% in the fourth quarter.
Starbucks ended the fourth quarter with a record 35,711 stores worldwide and announced it hit a milestone of 6,000 stores in China. The company opened 763 net new stores in the fourth quarter. Of the total stores, 51% are company owned and 49% are licensed.
The U.S. and China represent 61% of global Starbucks stores, making up 15,878 units and 6,021 units, respectively.
Starbucks Rewards Membership was 28.7 million members at the end of the fourth quarter, up 16% in the U.S. year-over-year.
The company had full fiscal year revenue of $32.3 billion, a company record. Total revenue was up 11% year-over-year for the full fiscal year.
For the full year, same-store sales were up 8% including a 12% increase in the United States. Same-store sales were down 9% in international stores, with China same-store sales down 24% for the full fiscal year.
“We saw accelerating demand for Starbucks coffee around the world in Q4 and throughout the year,” Starbucks CEO Howard Schultz said. “And our Q4 results demonstrate early evidence of the success of our U.S. Reinvention Investments."
What’s Next: The company said it will discuss 2023 fiscal year guidance on its earnings call scheduled for 5 p.m. ET Thursday.
“Reinvention will touch, and elevate, every aspect of our Starbucks partner, customer and store experiences, and ideally position Starbucks to deliver accelerated, sustainable, long-term, profitable growth and value creation beginning in 2023,” Schultz said.
SBUX Price Action: Starbucks shares are up 2% to $86 in after-hours trading Thursday.
Read Next: Analyst Ratings For Starbucks
Photo via Shutterstock.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.