Tuesday July 6, 2021, 16:23:48
By Mark Kalinowski
Given better-than-expected retail foodservice sales in general during calendar Q2 — Starbucks’ fiscal Q3 — we raise our fiscal Q3E Americas same-store sales forecast to +78% (from +72%). Given the fiscal Q3 2020 figure of -41%, our updated +78% projection implies a two-year number of about +5%. We would also note that embedded within our updated Americas forecast for fiscal Q3E is a U.S. same-store sales projection of +83% (up from +77%).
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Tuesday April 27, 2021, 16:51:00
By Ryan D. Lavender
Earlier today, Starbucks reported fiscal Q2 (calendar Q1) adjusted EPS of $0.62, surpassing our $0.53 forecast and sell-side consensus (according to Consensus Metrix) of $0.53. Starbucks bumps up its fiscal 2021 target range for adjusted EPS to $2.90-$3.00 (from $2.70-$2.90). Sources of the fiscal Q2 EPS outperformance include: (1) better-than-expected Product and Distribution Costs/Total Net Revenues (29.9% actual vs. 31.2% estimated), (2) better-than-expected Store Operating Expenses/Company-Operated Store Revenues (49.9% actual vs. 51.8% forecasted), and (3) D&A/Total Net Revenues (4.6% actual vs. 4.9% projected).
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Wednesday April 14, 2021, 16:40:00
By Ryan D. Lavender
Starbucks plans to release its fiscal Q2 (calendar Q1) 2021 earnings after the market close on Tuesday, April 27th. How do SBUX shares tend to trade heading into earnings, and the day after an earnings release?
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