By Mark Kalinowski
Published on November 5, 2020 at 12:00 AM
Earlier today (Thursday, November 5th), we learned that the BlackBox Index of samestore sales for October 2020 was down by -7.5%, with same-store traffic down by -13.7%. The -7.5% figure is +60 basis points better than the September 2020 number of -8.1%, which was +420 basis points better than the August 2020 figure of -12.3%.
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By Mark Kalinowski
Published on October 29, 2020 at 12:00 AM
After today’s market close, Starbucks reported adjusted fiscal Q4 EPS of $0.51, ahead of our $0.33 estimate and sell-side consensus (according to Consensus Metrix) of $0.31. Factors in the EPS beat included: (1) a favorable tax rate (approximately 14.3% actual, vs. our 26.0% forecast), (2) better-than-expected Store Operating Expenses/Company-Operated Retail Sales (51.9% actual vs. our 54.7% forecast), and (3) better-than-anticipated G&A/Revenues (6.0% actual vs. our 6.9% forecast), partially offset by other factors (such as D&A/Revenues of 5.9% actual vs. our 5.3% projection).
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By Mark Kalinowski
Published on October 21, 2020 at 12:00 AM
Starbucks plans to report its fiscal fourth-quarter earnings after the market close on Thursday, October 29th. Ahead of that release, we move up our fiscal Q4E U.S. samestore sales forecast by +2 percentage points, to -11%. This reflects the previouslyannounced -14% number from July and -11% figure from August. Implicitly, our updated full-Q4E projection presumes about a -8% to -9% estimate for September. FYI, according to Consensus Metrix, sell-side consensus for full-fiscal Q4E is at -11.8% (although keep in mind that Starbucks does not report out its same-store sales past the decimal point).
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