Starbucks Q2 earnings in-line with expectations, US comparable sales jump 12%

May 4, 2022

Starbucks (SBUX) posted fiscal second quarter earnings Tuesday after market close that mostly were in line with Wall Street estimates, as the company navigates ongoing inflationary pressures, supply chain disruptions, labor costs, unionization efforts and the search for a permanent CEO to take the helm of the company after CEO Kevin Johnson announced his retirement in March.

Here’s what the Seattle-based company reported, compared to Wall Street estimates, according to a Bloomberg consensus:

  • Revenue: $7.6 billion versus $7.62 billion expected
  • Adj. earnings per share (EPS): $0.59 versus $0.60 expected
  • U.S. same-store sales: 12.00% versus 8.90% expected
  • International same-store sales: -8.00% versus 1.87% expected

This is the first quarterly report since the Board of Directors appointed the founder and former CEO and executive chairman Howard Shultz as interim CEO, effective April 4, 2022, as the company looks for a permanent successor. Schultz also rejoined the company’s board. Upon the announcement, Starbucks said it hired a search firm and anticipates to find a new leader by fall.

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