A Starbucks logo is seen outside a store in Philadelphia.
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Starbucks Corp. beat Wall Street expectations for its fiscal fourth quarter, but said it lost more than $ 1 billion in sales due to the pandemic and called for slimmer profits in the next quarter.
Starbucks SBUX,
said it earned $ 393 million, or 33 cents per share, in the quarter, compared to $ 803 million, or 67 cents per share, in the previous year quarter, “primarily due to adverse impacts related to the ‘COVID-19 outbreak “far in its favor at a clip of around 35 cents a share, he said.
Adjusted for one-time items, the company earned 51 cents per share, up from 70 cents per share a year ago. Sales fell 8% to $ 6.2 billion, the company said.
Lost sales from the pandemic totaled approximately $ 1.2 billion, mainly due to changes in operations, reduced hours, reduced customer traffic and temporary store closures amid the pandemic , the company said. Comparable store sales decreased 9%.
Analysts polled by FactSet had expected the retailer to post adjusted earnings of 31 cents a share on sales of $ 6.06 billion.
“I am very pleased with the good end of fiscal 2020, supported by a faster-than-expected recovery in our two main growth markets, the United States and China,” Chief Executive Officer Kevin Johnson said in a statement. .
Stocks rose immediately after the report, but fell and were recently down 0.9%.
The stock ended the regular trading day up 1.3%; it has gained about 0.4% this year, compared to an increase of about 2.5% for the S&P 500 SPX index,
“The guiding principles we established at the onset of the pandemic, combined with our leading digital platform and ability to innovate quickly, continue to fuel our recovery and provide confidence in a strong operating outlook for the year. 2021, ”Johnson said.
Starbucks guided its first fiscal quarter and full fiscal year 2021, forecasting global same-store sales growth of 18% to 23% and revenue of between $ 28 billion and $ 29 billion for 2021.
The retailer said it expects GAAP EPS of between 32 cents and 37 cents for the first fiscal quarter and between $ 2.34 and $ 2.54 for the full year.
Adjusted EPS was between 50 cents and 55 cents for the first quarter and between $ 2.70 and $ 2.90 for 2021.
This compares to expectations of adjusted EPS of 63 cents for the first fiscal quarter, according to FactSet. The FactSet consensus also calls for adjusted EPS of around $ 2.73 for the full year.
Capital spending has been set at approximately $ 1.9 billion for the year.
