Company news: Starbucks’s (SBUX) quarterly results miss analysts’ expectations

Starbucks (SBUX) reported Q4 FY2023 earnings of $0.90 per share (versus $0.75 per share in Q4 FY2022), missing analysts’ consensus estimate of $0.93 per share.

The company’s quarterly revenues amounted to $9.425 bln (+8.2% y/y), missing analysts’ consensus estimate of $9.597 bln.

The company noted that its Q4 FY2023 growth was impacted by unexpected factors, including events in the Middle East and a slower-than-expected recovery in China.

Starbucks reaffirmed its FY2024 guidance for EPS growth of +15-20% y/y, implying $4.07-4.25 versus analysts’ consensus estimate of $4.10 but lowered its FY2024 forecast for global revenue growth to +7-10% y/y, implying $38.5-$39.6 bln versus analysts’ consensus estimate of $39.4 bln estimate, down from +10-12% y/y.

SBUX rose to $97.50 (+3.64%) in pre-market trading.