Starbucks (NASDAQ:SBUX) reported its latest quarterly earnings results late on Thursday, amassing earnings that surpassed expectations, while revenue came in slightly below the mark, yet SBUX still increased after hours.
The coffee chain said that for its second quarter of its fiscal 2019, it brought in net income of $663.2 million, or 53 cents per share, slightly surpassing its year-ago profit of $660.1 million, or 47 cents per share. On an adjusted basis, earnings tallied up to 60 cents per share, roughly 4 cents greater than analysts predicted, per a Refinitiv survey.
Starbucks added that its revenue for the period came in at $6.31 billion, slightly below the $6.32 billion that analysts predicted, while also surging 5% year-over-year. The business added that its same-store sales increased 3% ahead of the Wall Street guidance of a 2.9% growth.
The company said its same-store sales performance was aided by a 3% gain in average ticket. In the U.S., Starbucks’ sales at stores open by at least a year grew by 4%, while same-store sales growth in China was of 3% year-over-year.
“We are especially pleased with our comparable store sales growth in our two lead markets, the U.S. and China, where we are also continuing to drive strong new store development with industry-leading returns,” CEO Kevin Johnson said in a statement.
The business also increased its forecast for its fiscal 2019, as it now sees its adjusted earnings in the range of $2.75 to $2.79 per share, higher than its previous range of $2.68 to $2.73 per share. Analysts were calling for Starbucks to bring in 2019 earnings of $2.71 per share.
SBUX stock is up about 1.2% after the bell Wednesday off the heels of a strong quarterly earnings performance. Shares had gained about 0.9% during regular trading hours today.
