Starbucks Corp, the world's largest coffee chain, said on Thursday quarterly cafe sales grew less than expected in every region where it operates and issued a disappointing full-year forecast, sending its shares down about 4%.
Seattle-based Starbucks said global sales at cafes open at least 13 months rose 6% in the fiscal second quarter ended March 27, compared with the year-ago period. Analysts had expected an overall same-cafe sales gain of 6.7%, according to research firm Consensus Metrix.
Sales in the dominant Americas region grew 7%, after rising 9% in the first quarter. The China/Asia Pacific region (CAP) posted 3% growth.
Starbucks' China business remains strong, and the regional gain was reduced after sales from slower-growing Japan were included, company executives said on a conference call after earnings were released.
Europe, the Middle East and Africa (EMEA) had sales growth of one per cent, Starbucks said.
Analysts had expected gains of 4.6% from CAP and 3.4% from EMEA.
Starbucks narrowed its full-year profit forecast to US$1.88 to US$1.89 per share, from a previous range of US$1.87 to US$1.89. Analysts' estimates were at the top end of that range, according to Thomson Reuters I/B/E/S.
Second-quarter net income was US$575.1 million, or 39 US cents per share, matching the average of analysts' profit estimates complied by Thomson Reuters I/B/E/S.
Starbucks shares fell to US$58.15 in extended trading, off their all-time high of US$62.57 on Oct 1.
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