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Starbucks (SBUX) posted mixed fiscal third quarter results on Tuesday after market close.
The Seattle-based coffee giant beat on earnings, but posted a miss on revenue and same-store sales. Adjusted earnings per share came in $1.00, a bit higher than expected, $0.95. Revenue increased 12% to a record $9.2 billion, but that was lower than Bloomberg consensus estimates of $9.3 billion. Same-store sales also missed, up 10%, compared to an estimates of 11.12% increase.
International sales growth boosted the same-store results though. Almost in line with expectations, international same-store sales spiked 24%, compared to estimates of 24.5%. China boosted those results with sales up 46%, higher than estimates of a 41.8% increase.
In North America and in the U.S., sales increased 7%, both lower than estimates of up 8.2% and up 7.7% respectively.
This is Laxman Narasimhan’s second earnings report since he took the helm from Howard Schultz on March 23, following a nearly six-month immersion experience at the company.
Shares are up 2% year-to-date.
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Brooke DiPalma is a reporter for Yahoo Finance. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com.
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