Starbucks (SBUX) Tops Q3 EPS by 24c, Updates Guidance

Starbucks (NASDAQ: SBUX) reported Q3 EPS of $1.01, $0.24 better than the analyst estimate of $0.77. Revenue for the quarter came in at $7.5 billion versus the consensus estimate of $7.24 billion.

• Q3 Comparable Store Sales Up 73% Globally; U.S. Up 83% with 10% Two-Year Growth

GUIDANCE:

Starbucks sees FY2021 EPS of $3.20-$3.25, versus the consensus of $2.99. Starbucks sees FY2021 revenue of $29.1-29.3 billion, versus the consensus of $28.79 billion.

• Global comparable store sales growth of 20% to 21%
• (previously 18% to 23%)
• Americas and U.S. comparable store sales growth of 21% to 22%
• (previously 17% to 22%)
• International comparable store sales growth of 15% to 17%
• (previously 25% to 30%)
• China comparable store sales growth of 18% to 20%
• (previously 27% to 32%)
• Americas approximately 800 new store openings and approximately zero net new stores
• (previously approximately 850 new store openings and approximately 50 net new stores)
• International approximately 1,350 new store openings and 1,100 net new stores
• (previously approximately 1,300 new store openings and 1,050 net new stores)
• Consolidated revenue of $29.1 billion to $29.3 billion, inclusive of a $500 million impact attributable to the 53rd week
• (previously $28.5 billion to $29.3 billion, inclusive of a $500 million impact attributable to the 53rd week)
• Channel Development revenue of $1.5 billion to $1.6 billion
• (previously $1.4 billion to $1.6 billion)
• Consolidated GAAP operating margin of approximately 17%
• (previously 15% to 16%)
• Consolidated non-GAAP operating margin of approximately 18%
• (previously 16.5% to 17.5%)
• GAAP and non-GAAP effective tax rates in the low 20%s
• (previously low to mid-20%s)
• Capital expenditures of approximately $1.7 billion
• (previously approximately $1.9 billion)
• GAAP EPS in the range of $2.97 to $3.02, inclusive of a $0.10 impact attributable to the 53rd week
• (previously $2.65 to $2.75, inclusive of a $0.10 impact attributable to the 53rd week)
• Non-GAAP EPS in the range of $3.20 to $3.25 inclusive of a $0.10 impact attributable to the 53rd week
• (previously $2.90 to $3.00, inclusive of a $0.10 impact attributable to the 53rd week)

For earnings history and earnings-related data on Starbucks (SBUX) click here.

You May Also Be Interested In

• FedEx falls 4% as CY2026 profit forecast misses expectations despite Q4 beat
• Korn Ferry (KFY) Tops Q4 EPS by 2c, Beats on Revenue; Offers Q1 Guidance
• Cerebras Q1 EPS miss sends shares down 9% after-hours