Starbucks SBUX on Thursday posted better-than-expected fiscal-fourth-quarter earnings, powered by solid U.S. sales and U.S. ticket-price increases.
The report sent shares of the world's biggest coffee chain sharply higher, up 10% at last check to just past $100.
Starbucks said non-GAAP earnings for the three months ended in September rose 39% from the year-earlier period to $1.06 a share, topping the Wall Street consensus forecast of 97 cents a share.
Group revenue advanced 11.8% to a record $9.4 billion, again besting analysts' estimates of a $9.29 billion tally.
North America comparable sales were up 8% from a year earlier, Starbucks said. Comparable sales in China surprised with a 5% boost in the post-covid era, but they slowed notably from the 46% growth rate recorded over the three months ended in June.
Globally, same-store sales were up 8%, besting the Wall Street consensus forecast of a 6.6% gain.
Looking into the group's new fiscal year, Starbucks said it saw revenue growth at the lower end of its prior 10% to 12% estimated range, with earnings growth of between 15% and 20%.
"We finished our fourth quarter and full fiscal year strong, delivering on the higher end of our full-year guidance. Our Reinvention is moving ahead of schedule, fueling revenue growth, efficiency and margin expansion,” Chief Executive Laxman Narasimhan said in a statement.
“Notably, we continue to see the positive impact of our Reinvention on our partner and customer experiences, proof points that we can continue to create, grow and strengthen our business while creating value for all."
"As we enter the current year, in the face of macro uncertainty, we remain confident in the momentum throughout our business and headroom globally," he added. "We expect sustained momentum throughout the company for years to come."
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