In a statement summarizing its investor day presentations, the company said “For FY23 and FY24, Starbucks updated its ongoing annual non-GAAP EPS growth rate from at least 10% to a range of 10% to 12%.”
For the upcoming fiscal year 2021, Starbucks reaffirmed its GAAP EPS range of $2.34 to $2.54 and non-GAAP EPS range of $2.70 to $2.90.
“We have further streamlined the company [and] sharpened our focus on accelerating growth in our two lead markets of the U.S. and China,” said Chief Executive Officer Kevin Johnson in the statement. “Coffee remains a very large and attractive market that is growing globally. We are focused on growing category share and believe Starbucks is better positioned than ever for continued success."
Starbucks said it sees its store base rising to roughly 55,000 units in fiscal year 2030, largely driven by continued expansion in China. The company currently has about 33,000 outlets worldwide. The company said "China’s track record of robust new store openings is expected to continue with a net unit growth rate in the low teens starting in FY22, down modestly from the company’s previous outlook of mid-teens growth."
Because of its already large exposure in China, Starbucks was among the first companies to feel and warn of the impact of the coronavirus pandemic. In a Jan. 28, 2020 press release it said that "the duration of business disruption, reduced customer traffic and related financial impact cannot be reasonably estimated at this time but are expected to materially affect our International segment and consolidated results for the second quarter and full year of fiscal 2020."
Shares rose $3.70, or 3.7%, to $104.10 in after-hours trading.
Starbucks is a holding in Jim Cramer's Action Alerts PLUS member club.