Starbucks stock plunges 14% after badly missing its Q2 earnings estimates [Yahoo! Finance Canada]
Starbucks Corporation (SBUX)
Last starbucks corporation earnings: 4/28 04:05 pm
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investor.starbucks.com/ir-home/default.aspx
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Source: Yahoo! Finance Canada
For its second quarter earnings, the company missed expectations across the board, posting lower-than-expected revenue, earnings, and same-store sales growth, as customers pulled back on the frequency of their visits and the size of their orders. Its shares opened 14% lower on Wednesday; it reported results after market close on Tuesday. CEO Laxman Narasimhan called it a "a highly challenged environment." During the earnings call, he added that macro headwinds, "particularly around the pressures that consumers face, particularly with the occasional customer, ... that's where the challenge is." ADVERTISEMENT This is Starbucks' first quarterly sales decline since 2020, when COVID shutdowns roiled the industry. Revenue for the second quarter dropped 2% year over year to $8.6 billion. Adjusted earnings per share also came in lower, down 8% to $0.68. Global same-store sales declined 4% from a year ago as transactions dropped 6%, which was partially offset by a 2% increase in
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SBUX
Earnings
- 4/30/24 - Miss
SBUX
Sec Filings
- 4/30/24 - Form 10-Q
- 4/30/24 - Form 8-K
- 4/24/24 - Form 4
- SBUX's page on the SEC website