By Mark Kalinowski
Published on April 9, 2020 at 12:00 AM
With this report, we lower our full-fiscal 2020E EPS estimate for Starbucks (SBUX; Buy, $71.57) by -4 cents, to $1.91. (Our full-fiscal 2021E EPS estimate remains at $2.90.) The four-cent reduction in our fiscal 2020E EPS forecast reflects (1) Starbucks estimating that its adjusted EPS for fiscal Q2 (January-March) will be about $0.32 — we move up our fiscal Q2E projection by +1 cent to $0.32, and (2) lowering our fiscal Q3E EPS estimate by -5 cents, to $0.15.
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By Mark Kalinowski
Published on April 2, 2020 at 12:00 AM
We lower our U.S. (and Americas, of which the U.S. makes up the vast majority) samestore sales estimates for Starbucks (SBUX; Buy) as follows:
Fiscal Q1A 2020: already reported at +6%
Fiscal Q2E 2020: down by -10 percentage points to -5%
Fiscal Q3E 2020: down by -32 percentage points to -30%
Fiscal Q4E 2020: down by -12 percentage points to -10%
Fiscal full-year 2020E: down by -14 percentage points to -10%
Fiscal full-year 2021E: up by +7 percentage points to +10%
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By Mark Kalinowski
Published on January 28, 2020 at 12:00 AM
After today’s (Tuesday’s) market close, Starbucks (SBUX; Buy) reported fiscal Q1 2020 (= calendar Q4 2019) adjusted EPS of $0.79, surpassing our $0.75 forecast and sell-side consensus (according to Consensus Metrix) of 0.76. U.S. same-store sales growth of +6% exceeded our +5% projection and sell-side consensus of +5%. Worldwide same-store sales advanced by +5%, matching our estimate and consensus.
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