Starbucks stock rises 6% as U.S. customers buy into pricier drinks

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A Starbucks logo at a location in New York, Aug. 17, 2023.
Gabby Jones | Bloomberg | Getty Images

Starbucks on Thursday reported quarterly earnings and revenue that topped analysts’ expectations.

Shares of the company rose more than 6% in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:

  • Earnings per share: $1.06 adjusted vs. 97 cents expected
  • Revenue: $9.37 billion vs. $9.29 billion expected

The coffee giant reported fiscal fourth-quarter net income attributable to the company of $1.22 billion, or $1.06 per share, up from $878.3 million, or 76 cents per share, a year earlier.

Net sales climbed 11.4% to $9.37 billion.

The company’s same-store sales rose 8%, fueled by higher average checks and a 3% increase in customer traffic to its cafes.

Starbucks said it would share its full-year outlook for fiscal 2024 on its investor conference call.

This story is developing. Please check back for updates.

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