Starbucks Corp (NASDAQ:SBUX) shares are trading higher Wednesday after the company reported better-than-expected financial results.
Starbucks said fiscal third-quarter revenue jumped 9% year-over-year to $8.15 billion, which beat the estimate of $8.1 billion, according to data from Benzinga Pro. The coffee giant reported quarterly earnings of 84 cents per share, which beat the estimate of 75 cents per share.
Global comparable store sales increased 3% year-over-year, driven by a 6% increase in average ticket, but partially offset by a 3% decline in comparable transactions. U.S. and North America comparable store sales increased 9% year-over-year. International comps decreased 18% year-over-year, driven by a 44% decrease in China comps in the wake of extended COVID-19 lockdowns.
“We have clear line-of-sight on what we need to do to reinvent the company, elevate our partner and customer experiences and drive accelerated, profitable growth all around the world,” said Howard Schultz, interim CEO of Starbucks.
Starbucks said its full-year guidance will remain suspended for the balance of the year.
Wedbush analyst Nick Seytan maintained Starbucks with a Neutral rating and raised the price target from $81 to $86 following the company’s results.
See Also: Signs That Traders Expect Starbucks Shares To Cool Off After Earnings
SBUX Price Action: Starbucks has a 52-week high of $117.80 and a 52-week low of $68.39.
The stock was up 1.78% at $85.20 at press time.
Photo: Engin Akyurt from Pixabay.
