Starbucks posts better-than-expected profit in fiscal 1Q
Posted January 24, 2019 4:24 pm.
This article is more than 5 years old.
SEATTLE — Starbucks Corp. says earnings and revenue beat estimates in its fiscal first quarter.
The Seattle-based company said Thursday it earned $760.6 million, or 61 cents per share. Earnings, adjusted for non-recurring costs, were 75 cents per share.
The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 65 cents per share.
The coffee chain posted revenue of $6.63 billion in the period, also topping Street forecasts. Ten analysts surveyed by Zacks expected $6.49 billion.
Sales in locations open at least a year rose 4 per cent.
Starbucks expects full-year earnings in the range of $2.68 to $2.73 per share.
The Associated Press
