Starbucks Beats Earnings But Cautious on Growth as US Resilient and China Cools

Starbucks beat Q4 earnings estimates as US consumers stayed resilient, but China pulled back. Revenue was $9.37B vs $9.28B expected.

North America same-store sales up 8% as consumers bought premium drinks and food. But international same-store sales were only up 5%, below the 6.29% expected.

China same-store sales rose 5%, beating estimates. But ticket size fell 3% as consumers pulled back spending.

Starbucks added 816 new stores last quarter, bringing total to 38,038. Loyalty members grew 14% in US and 22% in China.

For 2023, Starbucks lowered its global same-store sales growth guidance to 5-7% from prior 7-9%. It expects revenue growth at low end of 10-12% range.