logo
  

Starbucks Q3 Profit Down

Starbucks Corporation (SBUX) Tuesday reported third-quarter profit of 912.9 million or $0.79 per share, down from $1.15 billion or $0.97 per share.

Adjusted earnings for the quarter was $0.84 per share, down from $0.99 per share in the prior year.

Revenues for the quarter rose 9 percent to $8.15 billion from $7.50 billion last year.

Analysts polled by Thomson Reuters estimate earnings of $0.75 per share on revenues of $8.11 billion for the quarter.

Global comparable store sales increased 3%, driven by a 6% increase in average ticket, partially offset by a 3% decline in comparable transactions. The company opened 318 net new stores in the third quarter, ending the period with 34,948 stores globally.

"We have clear line-of-sight on what we need to do to reinvent the company, elevate our partner and customer experiences and drive accelerated, profitable growth all around the world," said Howard Schultz, interim chief executive officer.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Seffner, Florida -based Canyon Furniture Co. is recalling ladders sold with bunk bed and hutch sets citing entrapment and strangulation risks, the U.S. Consumer Product Safety Commission said. The about 2,100 units of Canyon Lake and Cottage Colors Bunk Bed and Hutch Sets were sold exclusively at Rooms To Go. Lyft announced the expansion to its partnership with Indeed in Jobs Access program. The ride-hailing company will be providing transportation access for Indeed's Ready to Work program. Indeed's Ready to Work program is a series of free virtual and in-person events for job seekers in several cities across the U.S. from September 15 to October 8, 2022. Pool and Spa drain covers imported to the United States by various companies have been recalled due to violation of the Virginia Graeme Baker Pool and Spa Safety Act, the U.S. Consumer Product Safety Commission announced. The various recalls include pool and spa drain covers manufactured in China and sold exclusively at Amazon.com for different prices ranging from $10 to $12.
Follow RTT