Starbucks Corp. (SBUX) - Get Report saw revenue come in slightly below forecast as transactions fell, even as fiscal second-quarter earnings per share topped estimates in results released after the bell on Tuesday.
The coffee giant reported non-GAAP earnings per share of 62 cents on revenue of $6.67 billion. The company had been expected to report earnings of 53 cents a share, on sales of $6.8 billion, based on a FactSet survey of 30 analysts.
In the same period a year ago, the company posted earnings of 32 cents a share on sales of $6 billion.
Starbucks said worldwide store sales increased 15%, driven by a 19% increase in average ticket, offset by a 4% decline in comparable transactions.
"Our second quarter results demonstrated impressive momentum in the business with full sales recovery in the U.S.," said Kevin Johnson, president and CEO of Starbucks, in a statement. "We have positioned Starbucks for the inevitable great human reconnection that we see unfolding in the U.S. and will propagate in every market around the world … Starbucks was built for this moment,” he added.
In the U.S., comparable store sales increased 9%, driven by a 21% increase in average ticket, offset by a 10% decline in comparable transactions.
Starbucks finished the quarter with 15,288 stores in the U.S. and 4,973 stores in China, accounting for 62% of its total number of stores.
The company offered revised full-year guidance for revenue of between $28.5 billion and $29.3 billion, up from a prior view of $28 billion to $29 billion.
For the year, analysts are projecting revenue of $28.6 billion.
The company forecast full-year non-GAAP earnings per share of $2.90 to $3, including 10 cents a share attributable to the 53rd week of its fiscal year. That's up from $2.70 to $2.90.
Shares of Starbucks fell $1.75, or 1.5%, to $114.40 in after-hours trading.
Starbucks has seen several analyst upgrades in recent weeks as the reopening of the U.S. economy continues.
The company launched vegan beverages in March through a venture with Oatley.
Starbucks is a holding in Jim Cramer's Action Alerts PLUS member club.