Starbucks misses expectations as China drags down international sales
A Starbucks store is seen inside the Tom Bradley terminal at LAX airport in Los Angeles, California.
Lucy Nicholson | Reuters
Starbucks on Thursday reported quarterly earnings and revenue that fell short of analysts’ expectations as fewer customers visited its stores.
Shares of the company fell 2.8% in extended trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: 75 cents adjusted vs. 77 cents expected
- Revenue: $8.71 billion vs. $8.78 billion expected
Excluding items, Starbucks earned 75 cents per share.
Net sales rose 8% to $8.71 billion.