Starbucks Earnings Were Like an Ice Cold Frappuccino
Starbucks latest earnings report was strong. Here's what investors need to know about the quarter.
Starbucks (SBUX) - Get Starbucks Corporation Report latest quarter was as freezing cold as a frap.
The struggling coffee giant reported third fiscal quarter earnings of 62 cents a share, narrowly beating Wall Street forecasts for 61 cents a share. Investors looking for a bottom in the stock may want to think long and hard before pulling the trigger.
Shares have plunged 10.7% year to date. Shares rose slightly Friday.
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Starbucks Earnings Checklist: Negative
- Fiscal year earnings guidance tapered to $2.40 a share to $2.42 a share. Previously, Starbucks was at $2.39 a share to $2.43 a share.
- Operating profit margins down sharply in key segments Americas and China/Asia Pacific.
- Third fiscal quarter global same-store sales increased 1%, slowing from a 2% growth in the second quarter.
- Fourth fiscal same-store sales seen at the low end of long-term guidance for growth of 3% to 5%.
- Other: America's same-store sales up 1% (estimates: up 0.8%); China/Asia Pacific same-store sales down 1% (estimates: decline of 0.4%); EMEA same-store sales unchanged (estimates: down 0.7%).
Here's what Amazon (AMZN) - Get Amazon.com Inc. Report had to say in its latest earnings report.
