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SEATTLE (AP) – Improved holiday sales in the United States has allowed Starbucks Corp. achieve better than expected results in the first quarter of its fiscal year.
After a disappointing vacation in 2017, Starbucks made changes. Last year, the holiday drinks had already been sold earlier and the company removed some items from the lobby to facilitate access to gift cards.
It worked. Starbucks director Roz Brewer said gift card sales in the United States – down last year – jumped 12 percent to $ 2.6 billion this year. Store transactions in the United States were stable for the quarter, but customers spent more per visit.
Starbucks sales at sites that were open for at least a year increased by 4% worldwide between October and December.
The Seattle-based company announced Thursday it earned $ 760.6 million, or 61 cents per share, during the quarter. Earnings, adjusted for non-recurring costs such as restructuring costs, amount to 75 cents per share. Analysts expected earnings per share of 65 cents, according to Zacks Investment Research.
The Seattle-based coffee chain posted a turnover of $ 6.63 billion during the period, also exceeding Wall Street's forecast of $ 6.49 billion.
Starbucks expects a profit per year of between $ 2.68 and $ 2.73 per share.
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