Starbucks Corp. stock fell late Tuesday after the retail chain reported mixed fiscal second-quarter earnings, with sales a tad below forecasts.
Starbucks SBUX, +0.20% said it earned $659 million, or 56 cents a share, in the quarter, compared with $328 million, or 28 cents a share, in the year-ago quarter.
Adjusted for one-time items, the company earned 62 cents a share, compared with 32 cents a share a year ago.
Sales rose 11% to $6.67 billion, mainly driven by a same-store sales increase compared with pandemic-related business disruptions in the fiscal second quarter of last year, the company said.
Analysts polled by FactSet had expected the coffee chain to report adjusted earnings of 53 cents a share on sales of $6.78 billion.
The company also raised its full-year fiscal 2021 revenue and EPS guidance.
Starbucks is positioned “for the inevitable great human reconnection that we see unfolding in the U.S. and will propagate in every market around the world, where people once again connect with others face-to-face to heal, to belong, to reflect, to share and to celebrate,” Chief Executive Kevin Johnson said in a statement.
Global same-store sales rose 15%, thanks to a 19% increase in average ticket, which was partly offset by a 4% decline in comparable transactions, the company said.
Starbucks raised its 2021 revenue guidance to a range between $28.5 billion and $29.3 billion, from a previous guidance of revenue between $28 billion and $29 billion.
It called for full-year adjusted EPS between $2.90 and $3, compared with a previous forecast between $2.70 and $2.90.
Shares of Starbucks have gained about 50% in the past 12 months, compared with gains around 46% for the S&P 500 index SPX, -0.02%.