Starbucks shares drop 3% on Q1 miss, 2023 guidance reaffirmed

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Starbucks shares drop 3% on Q1 miss, 2023 guidance reaffirmed
Credit: © Reuters.

By Davit Kirakosyan

Starbucks (NASDAQ: SBUX ) shares fell more than 3% after-hours following the company reported Q1 results , with comparable sales missing the Street estimates as weak performance in China offset strong sales in North America.

Q1 EPS came in at $0.75, worse than the consensus estimate of $0.77. Revenue grew 8% year-over-year to $8.7 billion, compared to the consensus estimate of $8.78B.

Global comparable store sales grew 5%, primarily driven by a 7% increase in average ticket, partially offset by a 2% decline in comparable transactions.

North America and U.S. comparable store sales increased by 10%, while International comparable store sales and China comparable store sales fell by 13% and 29%, respectively.

“I am very proud of what we achieved in Q1, with nearly every business segment contributing to our strong performance,” said Rachel Ruggeri, CFO. “And I’m pleased to share that our fiscal 2023 guidance remains unchanged, despite the headwinds from China,” Ruggeri added.

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