Starbucks Corporation SBUX will issue its first-quarter fiscal year 2023 earnings after market close on Thursday, Feb. 2.
Here’s what analysts are expecting.
The Seattle-based coffee giant should report a boost in revenue for the quarter as its U.S. business benefits from higher menu prices, customization, and more customers pairing coffee orders with food items.
The Street is also monitoring any developments in China that may result from the lifting of its zero COVID-19 policy.
Analysts anticipate Starbucks to disclose adjusted earnings per share of 77 cents (up 2.7% annually) on revenues of $8.6 billion (up 8.6% annually).
Starbucks will likely address the burgeoning unionization push among its baristas and other retail workers throughout the U.S.
Meanwhile, CEO Howard Shultz — who returned to the company in September after the board fired its former CEO — is expected to pass the reins to Laxman Narasimhan starting April 1.
The reshuffling of management doesn't stop there.
When Schultz returned for his third tenure as CEO last year, Starbucks disclosed that its former general counsel Rachel Gonzalez had been replaced. She left the company as it was dealing with a number of challenges, such as store walkouts and attempts by unions to organize.
Starbucks had at least 107 strikes during 2022, a year in which the U.S. had its most labor strikes since 2005. The retail sector was by far the most active industry for those labor disputes, Bloomberg noted.
Price action: Shares of Starbucks are trading 0.45% higher to $110.49, according to data from Benzinga Pro.
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