

SBUX: Updating Our Forecasts, and…
Based on what we believe have been softer-than-expected U.S. same-store sales trends so far in fiscal Q1 2024 (calendar Q1 2023), we reduce our fiscal Q1E North American same-store sales forecast by -2 percentage points, to +5%. As of this writing, sell-side consensus (according to Consensus Metrix) is at +6.7%, although keep in mind that Starbucks does not report out its same-store sales numbers past the decimal point.