Shares of Starbucks Corp. fell Tuesday night after the retail chain reported mixed fiscal second-quarter earnings, with sales slightly below expectations. Starbucks SBUX, + 0.20% said it earned $ 659 million, or 56 cents a share, in the quarter, compared to $ 328 million, or 28 cents a share, in the prior-year quarter.
Adjusted for unique items, the company earned 62 cents a share, compared to 32 cents a share a year ago. Sales rose 11% to $ 6.67 billion, primarily driven by an increase in same-store sales compared to pandemic-related business disruptions in the second fiscal quarter of last year, the company said. Analysts surveyed by FactSet expected the coffee chain to report adjusted earnings of 53 cents a share on sales of $ 6.78 billion. The company also increased its guidance to revenue and earnings per share for the full fiscal year 2021. Starbucks is positioned “for the inevitable great human reconnection that we see unfold in the US and it will spread to every market in the world, where the people once again connect with others face-to-face to heal, belong, reflect, share and celebrate, ”Chief Executive Kevin Johnson said in a statement. Global same-store sales increased 15%, thanks to a 19% increase in average entry, which was partially offset by a 4% decrease in comparable transactions, the company said. Starbucks raised its revenue guidance for 2021 to a range between $ 28.5 billion and $ 29.3 billion, from a previous revenue guidance between $ 28 billion and $ 29 billion. He asked for adjusted EPS for the full year between $ 2.90 and $ 3, compared to a previous forecast between $ 2.70 and $ 2.90. Starbucks shares have gained about 50% in the last 12 months, compared to gains of about 46% for the S&P 500 SPX index, -0.02%.