Starbucks sales growth slips as all regions fall short
Starbucks shares fell nearly five per cent as the world's largest coffee chain missed expectations for the fiscal second quarter.
Starbucks said global sales at cafes open at least 13 months rose six per cent year-on-year in the fiscal second quarter ended 27 March. But this was below analysts' expectations for a figure of 6.7 per cent.
The Americas same-cafe sales gain came in 0.4 per cent below expectations, while China and the Pacific fell short by 1.6 per cent and Europe, Middle East and Africa disappointed by 2.4 per cent.
Second-quarter profit came in at $575.1m (£401.4m), or 39 cents per share, in line with analysts' expectations. This was also up from $494.9m, or 33 cents per share, in the same period a year ago.
"Starbucks' second quarter represented another quarter of solid growth, with the highest revenues of any non-holiday quarter in our history and excellent financial, operating and profit performance," Scott Maw, chief financial officer, said.