Daily Management Review

Starbucks receives record revenue in Q3


American Starbucks Corporation, which owns the world's largest network of coffee houses, increased revenue to a record level in the third fiscal quarter.

As stated in the press release of Starbucks, its revenue jumped in April-June by 11.5%, to $ 6.31 billion.

The company's net profit for the past quarter was $ 852.5 million, or $ 0.61 per share, compared to $ 691.6 million, or $ 0.47 per share, for the same period a year earlier.

The profit, excluding one-time factors, was $ 0.62 per share.

Analysts polled by Thomson Reuters expected adjusted earnings of $ 0.61 per share on revenue of $ 6.25 billion.

Global comparable sales of Starbucks increased by 1% in the previous quarter, with the experts expecting an increase of 0.9%.

In the US market, growth was 1%, while in China, sales were down 2%.

According to the company's forecast, global comparable sales in the current financials will grow by 3-5%, adjusted earnings per share will be $ 2.40- $ 2.42. It is expected that 2.3 thousand new Starbucks will be opened in the world in a year.

Starbucks shares are getting up by 0.3% during the preliminary bidding on Friday. Since early 2018, the company's capitalization has decreased by 10%, to $ 71.24 billion.

source: cnn.com