Starbucks Q2 results show full sales recovery in the U.S., raises fiscal 2021 guidance

Julia La Roche
·Correspondent
·2 min read

Starbucks (SBUX) reported fiscal second-quarter earnings results after the closing bell on Tuesday, with same-store sales rebounding from the depths of the coronavirus pandemic and the coffee giant raising its fiscal 2021 guidance. 

Here were the key figures versus the expectations for the second quarter, according to analysts polled by Bloomberg.

  • Revenue (adjusted): $6.67 billion vs. $6.77 billion expected

  • Earnings per share (adjusted): 62 cents per share vs. 52 cents per share expected.

“I am very pleased with our progress to date in fiscal 2021, as our second quarter results demonstrated impressive momentum in the business with full sales recovery in the U.S. Our strong results validate our ability to adapt to changes in our environment and the needs of our customers,” CEO Kevin Johnson said in a statement.

Johnson added that the coffee chain is positioned “for the inevitable great human reconnection” that the company sees unfolding in the U.S. “and will propagate in every market around the world, where people once again connect with others face-to-face to heal, to belong, to reflect, to share and to celebrate.”

The closely-followed same-store sales grew 15% in the quarter, missing estimates of 17.01%, according to Bloomberg data. The average ticket increased 19%, while comparable transactions slipped 4%.

In the U.S., same-store sales grew 9%, with average tickets increasing 21%, while comparable transactions fell 10%. 

In China, comp-store sales grew 91%, with a 93% increase in transactions, and a 1% decline in average ticket size. 

Elsewhere, during the fiscal second quarter, 90-day active users on the Starbucks Rewards app in the U.S. grew 18% from a year ago to 22.9 million users.

Starbucks also raised its fiscal 2021 revenue and EPS guidance. The company expects to report revenue between $28.5 billion and $29.3 billion, up from the previous $28 billion to $29 billion range. Starbucks sees its fiscal 2021 non-GAAP EPS in the range of $2.90 to $3.00, up from the previous $2.70 to $2.90 range. 

The company reiterated its guidance for global comp-store sales growth between 18% and 23%. In the U.S., Starbucks still sees same-store sales growth between 17% and 22%.

Shares of Starbucks fell 2.7%, or $3.15 to last trade near $113, after closing at $116.15 on Tuesday.

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Julia La Roche is a correspondent for Yahoo Finance. Follow her on Twitter.