{"id":118840,"date":"2021-07-27T20:37:04","date_gmt":"2021-07-27T20:37:04","guid":{"rendered":"https:\/\/fin2me.com\/?p=118840"},"modified":"2021-07-27T20:37:04","modified_gmt":"2021-07-27T20:37:04","slug":"starbucks-earnings-beat-fueled-by-strong-cold-beverage-sales-in-the-u-s","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/starbucks-earnings-beat-fueled-by-strong-cold-beverage-sales-in-the-u-s\/","title":{"rendered":"Starbucks earnings beat, fueled by strong cold beverage sales in the U.S."},"content":{"rendered":"<ul>\n<li>Starbucks topped Wall Street&#x27;s estimates for its fiscal third-quarter earnings and revenue.<\/li>\n<li>The company also raised its forecast for fiscal 2021 earnings per share.<\/li>\n<li>Shares of Starbucks have risen 17% this year, giving it a market value of $148 billion.<\/li>\n<\/ul>\n<p>In this article<\/p>\n<ul>\n<li><span>SBUX<\/span><\/li>\n<\/ul>\n<p>Starbucks on Tuesday reported soaring cold drink sales in the United States, fueling an earnings and revenue beat for the company.<\/p>\n<p>But the company also warned of a slower recovery in China, its second-largest market. It lowered its full-year forecast for the country&#x27;s same-store sales growth, despite raising its overall outlook for fiscal 2021 earnings per share.<\/p>\n<p>The stock fell 3.2% in extended trading after hitting a 52-week high before the markets closed.<\/p>\n<p>Here&#x27;s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:<\/p>\n<ul>\n<li><strong>Earnings per share:<\/strong> $1.01 adjusted vs. 78 cents expected<\/li>\n<li><strong>Revenue:<\/strong> $7.5 billion vs. $7.29 billion expected<\/li>\n<\/ul>\n<p>The coffee giant reported fiscal third-quarter net income of $1.15 billion, or 97 cents per share, up from a net loss of $678.4 million, or 58 cents per share a year earlier.<\/p>\n<p>Excluding items, Starbucks earned $1.01 per share, topping the 78 cents per share expected by analysts surveyed by Refinitiv.<\/p>\n<p>Net sales rose 78% to $7.5 billion, beating expectations of $7.29 billion. Worldwide, same-store sales surged 73%. A year ago, the company&#x27;s global same-store sales plummeted 40% during the quarter as the global pandemic prompted in lockdowns in some regions.<\/p>\n<p>In the U.S., Starbucks&#x27; largest market, same-store sales climbed 83%. On a two-year basis, the market&#x27;s same-store sales rose 10%. Nearly three-quarters of the company&#x27;s drink sales came from cold beverages, like its Nitro cold brew.<\/p>\n<p>Outside of the U.S., Starbucks&#x27; same-store sales jumped 41%, fueled by 55% growth in customer traffic. China reported same-store sales growth of 19%. A year ago, the country&#x27;s same-store sales fell 19%.<\/p>\n<p>For fiscal 2021, the company raised its earnings per share outlook to a range of $2.97 to $3.02, up from its prior range of $2.65 to $2.75. On an adjusted basis, it&#x27;s expected earnings per share of $3.20 to $3.25, up from the prior range of $2.90 to $3. The fiscal year includes a 53rd week this year, which is expected to add 10 cents to the company&#x27;s earnings per share.<\/p>\n<p>Starbucks also narrowed its outlook for global same-store sales growth for the full year. It now expects that metric to rise 20% to 21%, compared with a prior range of 18% to 23%. The company also predicted slowing same-store sales in China, where it previously predicted growth of 27% to 32%. Now, however, it&#x27;s forecasting same-store sales growth of 18% to 20%.<\/p>\n<p>In the United States, Starbucks now expects sales growth of 21% to 22% for cafes open at least 13 months, on the higher end of its prior range of 17% to 22%.<\/p>\n<p><em>This is a breaking news story. Please check back for updates.<\/em><\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/07\/27\/starbucks-sbux-q3-2021-earnings.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starbucks topped Wall Street&#x27;s estimates for its fiscal third-quarter earnings and revenue. The company also raised its forecast for fiscal 2021 earnings per share. Shares [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":118839,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Starbucks earnings beat, fueled by strong cold beverage sales in the U.S. - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/starbucks-earnings-beat-fueled-by-strong-cold-beverage-sales-in-the-u-s\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Starbucks earnings beat, fueled by strong cold beverage sales in the U.S. - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Starbucks topped Wall Street&#x27;s estimates for its fiscal third-quarter earnings and revenue. 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