星巴克三季度同店销售、EPS与全年指引均显著高于预期

Starbucks Corporation (SBUX) shot up in postmarket action after releasing its third-quarter earnings report. The Seattle-based company recorded its fourth straight quarter of positive comparable sales after a streak of seven quarters in negative territory. "Our third quarter results reflect the growing durability of our performance across both the top and bottom line, giving us confidence in the trajectory of our business," stated CFO Cathy Smith. "We are focused on what we can control amid a dynamic operating environment — executing our Back to Starbucks plan with discipline to drive connection, community, and long-term value for our customers, partners, and shareholders," she added.
Global comparable store sales were up 7.9% to easily top the +5.7% consensus estimate, driven by a 4.2% increase in comparable transactions and a 3.5% increase in average ticket. U.S. comparable store sales were up 7.9% during the quarter, driven by a 4.2% gain in comparable transactions and a 3.6% increase in average ticket. The U.S. comparable sales tally smashed the consensus expectation for a gain of 5.7%.
International comparable store sales increased 5.7%, primarily driven by a 3.1% increase in average ticket and a 2.6% increase in comparable transactions.
Consolidated net revenue was down 1.5% to $9.32B, reflecting the transition of the business in China. The company noted that it used a portion of the China sale proceeds to complete a series of tender offers to purchase approximately $1.3B aggregate principal amount of certain series of the company's outstanding notes.
Non-GAAP operating margin expanded 430 basis points year-over-year to 14.4%, including on a constant currency basis. Operating margin expanded to 13.6% of sales, from 13.3% in the prior year, primarily driven by sales leverage, lapping of the Leadership Experience 2025, and lower inflation paired with tariff refunds. Non-GAAP EPS was reported at $0.85 vs. $0.65 consensus and $0.50 a year ago.
The company opened 175 net new stores in FQ3, ending the period with 41,304 stores, with 33% company-operated and 67% licensed. At the end of FQ3, stores in the U.S. comprised 41% of the company’s global portfolio.
On the guidance front, Starbucks (SBUX) expects global and U.S. comparable store sales growth of 6.5% or greater in FQ4. Non-GAAP earnings per share for the full year are seen landing in the range of $2.55 to $2.65 (midpoint $2.60) vs. $2.30 consensus.
Shares of Starbucks (SBUX) were up 6.0% in postmarket trading. McDonald's (MCD) and Dutch Bros (BROS) are the two restaurant stocks that have correlated the closest to SBUX in the week after earnings over the last two years.