Starbucks reports fiscal Q4 earnings beat, better-than-expected same-store sales

·Former Correspondent

Updated Thu, Oct 29, 2020, 1:15 PM2 min read

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Starbucks (SBUX) reported better-than-expected fiscal fourth-quarter earnings results and same-store sales as the coffee giant continues to recover from the impact of the COVID-19 pandemic.

Here were the keys figures versus expectations’ according to analysts polled by Bloomberg.

Revenue (adjusted): $6.2 billion versus $6.06 billion (est.)
Earnings per share (adjusted): 51 cents versus 31 cents (est.)

For the fiscal quarter, the closely-followed comparable-store sales declined 9% globally, compared to forecasts for a decline of 12%, according to Bloomberg estimates.

In the U.S., same-store sales dropped 9%, as comparable transactions declined 25%, but the average ticket size increased by 21%.

International same-store sales fell 10%, while China’s comparable-store sales were down 3%.

A patron holds an iced beverage at a Starbucks coffee store in Pasadena, California July 25, 2013. Starbucks Corp on Thursday posted a bigger than expected jump in quarterly profit after new fruit "Refresher" energy drinks and seasonal Frappuccino iced beverages helped drive more visits to shops in the United States, its top market. REUTERS/Mario Anzuoni (UNITED STATES - Tags: BUSINESS)

In the earnings release, CEO Kevin Johnson said the company is seeing a “faster-than-expected” recovery in the U.S. and China, the company’s two biggest markets.

“These results demonstrate the continued strength and relevance of our brand, the effectiveness of the actions we’ve taken to adapt to meaningful changes in consumer behavior and the extraordinary efforts of our green apron partners to serve our customers and communities in challenging circumstances,” Johnson said.

Elsewhere, during the quarter, 90-day active users on the Starbucks Rewards app in the U.S. increased to 19.3 million, up 10% year-over-year.

Looking ahead to fiscal 2021, Johnson expressed optimism that Starbucks will “emerge from the COVID-19 pandemic as a stronger and more resilient company.”

In its guidance, Starbucks said it expects global same-store sales to grow between 19% and 23%, with U.S. comp-store sales forecasted to grow between 17% and 22% and China to grow between 27% and 32%.

Starbucks also plans to open 2,150 new stores, with 1,100 net stores globally. In the Americas, the company will open 850 locations, with 50 net new stores. It plans for 600 new stores in China.

Revenue for fiscal 2021 is expected to come in at $28 billion to $29 billion.

Starbucks anticipates that its fiscal first-quarter earnings per share will come in at a range of 50 to 55 cents, and $2.70 to $2.90 for the full year.

The fiscal 2021 year is 53 weeks, instead of 52.

Starbucks stock rose 1.36%, or $1.20, to last trade near $89.50 in the after-hours session.

Julia La Roche is a correspondent for Yahoo Finance. Follow her on Twitter.