Starbucks’ revenue miss: Wedbush analyst

About This Source - CNBC Television

CNBC is an American pay television business news channel, which primarily carries business day coverage of U.S. and international financial markets. Following the end of the business day and on non-trading days, CNBC primarily carries financial and business-themed documentaries and reality shows.

As of February 2015, CNBC is available to approximately 93,623,000 pay television households (80.4% of households with television) in the United States.

Recent from CNBC Television:

  • Students advocate for more financial education in schools
  • Dip in 10-year Treasury yield seems to be technically driven, strategist says
  • Jim Cramer: Health-care stocks are making a ‘remarkable comeback’
  • CNBC Television published this video item, entitled “Starbucks’ revenue miss: Wedbush analyst” – below is their description.

    Nick Setyan, Wedbush Securities senior analyst, joins ‘Closing Bell to discuss his thoughts on Starbucks shares, which are moving lower after-hours. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

    Starbucks on Tuesday reported that its U.S. same-store sales fell 5% during its fiscal first quarter after a surge of new Covid-19 cases led to harsher dining restrictions.

    The company also announced that COO Roz Brewer will be leaving Starbucks at the end of February to become chief executive of another publicly traded company. Her responsibilities will be split up among other members of the existing leadership team.

    Shares fell about 1% in extended trading.

    Here’s what the company reported for the quarter ended Dec. 27 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

    Earnings per share: 61 cents, adjusted, vs. 55 cents expected

    Revenue: $6.75 billion vs. $6.93 billion expected

    The company reported fiscal first-quarter net income of $622.2 million, or 53 cents per share, down from $885.7 million, or 74 cents per share, a year earlier.

    Excluding items, the coffee giant earned 61 cents per share, topping the 55 cents per share expected by analysts surveyed by Refinitiv.

    Net sales dropped 5% to $6.75 billion, falling short of expectations of $6.93 billion. Worldwide, the company’s same-store sales fell 5%. The chain saw 19% fewer transactions during the quarter, but the average ticket jumped 17%.

    In the U.S., same-store sales fell by 5%. The company’s recovery in its home market was hampered by another surge of new Covid-19 cases as the temperatures grew colder. The number of Starbucks Rewards members who have been active in the last 90 days rose 15% to 21.8 million people.

    In China, Starbucks’ second-largest market, same-store sales turned positive for the first time since the health crisis started. Its same-store sales rose 5%, although transactions still declined compared with the same time a year ago.

    The company opened 278 net new cafes during the quarter and now has a footprint nearing 33,000 locations.

    Next quarter, Starbucks is forecasting U.S. same-store sales growth of 5% to 10%. In China, same-store sales are expected to nearly double. It expects to earn 36 cents to 41 cents per share. On an adjusted basis, it’s projecting earnings per share of 45 cents to 50 cents.

    The company also raised its outlook for its fiscal 2021 earnings. It now expects earnings per share between $2.42 to $2.62, up from its prior forecast of $2.34 to $2.54.

    » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision

    » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC

    » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic

    Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

    The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast

    Connect with CNBC News Online

    Get the latest news: http://www.cnbc.com/

    Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC

    Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC

    Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC

    Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC

    https://www.cnbc.com/select/best-credit-cards/

    #CNBC

    #CNBCTV

    CNBC Television YouTube Channel

    Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.

    In This Story: COVID-19

    Covid-19 is the official WHO name given to the novel coronavirus which broke out in late 2019 and began to spread in the early months of 2020.

    Symptoms of coronavirus

    The main symptoms of coronavirus are:

    • a persistent new cough (non productive, dry)
    • a high temperature (e.g. head feels warm to the touch)
    • shortness of breath (if this is abnormal for the individual, or increased)

    Latest News about Covid-19

    Below are stories from around the globe related to the 2020 outbreak of novel Coronavirus – since the WHO gave the Covid-19 naming. Most recent items are posted nearest the top.

    5 Recent Items: COVID-19

  • Escaping the anti-vax conspiracy rabbit hole – BBC News
  • India reports another record daily rise in COVID infections
  • Last week, Covid-19 killed 3 people every minute in Brazil
  • Syrian refugees in Turkey, food aid in Peru, restoring Italy’s Leaning Tower of Pisa
  • German Bundestag debates national COVID ’emergency brake’ | DW News
  • Leave a Comment