Starbucks (SBUX) Q1 2024 earnings
MIAMI, FLORIDA – JUNE 11: A Starbucks coffee cup sits on a table as the company reported supply shortages at some coffee shops on June 11, 2021 in Miami, Florida. The coffee chain said it had supply shortages for some items due to problems in the supply chain. (Photo by Joe Raedle/Getty Images)
Joe Raedle | Getty Images News | Getty Images
Starbucks is expected to report its fiscal first-quarter earnings after the bell on Tuesday.
Here’s what Wall Street analysts surveyed by LSEG, formerly known as Refinitiv, are expecting:
- Earnings per share: 93 cents
- Revenue: $9.59 billion
The coffee giant’s stock has fallen 13% over the last year as it faces pressure in its two largest markets: the United States and China.
Wall Street is expecting Starbucks will report lagging U.S. traffic. Despite strong holiday drink sales and promotions, higher menu prices and a consumer boycott related to the Israel-Hamas war likely hurt customer visits during the quarter, according to Wedbush.
Starbucks CEO Laxman Narasimhan tried to extricate the chain from the controversy in December through a letter to employees that condemned misinformation and related vandalism at the chain’s cafes.
And in China, where the economy is still sluggish, Starbucks faces increased competition from lower-priced rivals like Luckin Coffee.
For fiscal 2024, Starbucks anticipates same-store sales growth of 5% to 7%, revenue growth of 10% to 12% and earnings per share growth of 15% to 20%.
