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.

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