Starbucks reported a net income of $908.3M in Q2 2023, up from $674.5M in the same quarter a year ago, with net sales rising 14.2% and same-store sales increasing 11%. These earnings beat Wall Street estimates, with adjusted EPS of $0.74 compared to the expected $0.65.
- U.S.
same-store sales increased by 12% due to a 6% rise in foot traffic, and
30.8 million people actively participate in loyalty programs.
- With same-store sales rising 7% outside the United States, international markets fared better than anticipated.
- China's
same-store sales increased by 3%; March saw a 30% increase, and
Starbucks China Chair Belinda Wong expects the trend to be continued
into the third quarter.
- Starbucks updated its fiscal-year estimate, estimating 10% to 12% revenue growth and 15% to 20% adjusted EPS growth.
