Starbucks, the renowned coffee chain, experienced a significant surge in its stock price as the market opened on Thursday. This spike came after the company reported better-than-expected sales and earnings for the fiscal fourth quarter.
Impressive Financial Performance
Starbucks achieved earnings of $1.06 per share, accompanied by record revenue of $9.4 billion. Notably, industry analysts surveyed by FactSet had predicted earnings of 97 cents per share and sales of $9.29 billion.
Global Same-Store Sales Prosper
The coffee giant witnessed a remarkable 8% increase in global same-store sales. This growth was primarily driven by a 4% rise in the average customer check as well as a 3% increase in transactions.
Lookout for Future Targets
Starbucks (ticker: SBUX) plans to unveil its financial targets for fiscal year 2024 during an upcoming conference call scheduled at 7 a.m. Eastern time.
Market Response and Outlook
Shares of Starbucks experienced a substantial 7.3% boost prior to the opening bell, showcasing the market’s positive reaction to the company’s strong performance. It is worth mentioning that the stock had observed an 8% decline throughout this year until the close of trading on Wednesday.
Stay tuned for further updates and in-depth analysis.