Starbucks Corp (NASDAQ:SBUX, XETRA:SRB) beat Wall Street estimates for fiscal third-quarter revenue and profit as its turnaround plan drove stronger-than-expected US sales growth.
Adjusted earnings per share came in at $0.85, above the $0.66 analyst estimate and up 70% year-over-year
Revenue was $9.3 billion, topping the $9.16 billion consensus though down 1% from a year earlier. Global comparable sales rose 7.9%, with North America up 8.1% and international sales up 5.7%. US comparable sales climbed 7.9%, driven by a 4.2% rise in traffic and a 3.6% increase in average ticket.
Starbucks raised its full-year guidance, now expecting adjusted EPS of $2.55 to $2.65, above the $2.40 consensus. Global comparable sales growth is expected to near 6.0% for the year, with non-GAAP operating margin above 11% and 600 to 650 net new coffeehouses planned. Fourth-quarter US comparable sales are guided to grow at least 6.5%.