This post was originally published on this site
Starbucks Corp. reported fiscal fourth-quarter earnings late Wednesday, with the summer’s rollout of Nitro Cold Brew boosting results as both revenue and same-store sales climbed.
Starbucks SBUX, +0.07% reported fiscal fourth-quarter net income of $802.9 million, or 67 cents a share, compared with $755.8 million, or 56 cents a share, in the year-ago period. Adjusted earnings were 70 cents a share.
Read: Starbucks earnings preview: A Nitro-powered quarter will drive U.S. same-restaurant sales
Revenue rose to $6.75 billion from $6.3 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 70 cents on revenue of $6.68 billion.
Same-store sales for the quarter rose 5% globally.
“I’m very pleased with our strong finish to fiscal 2019, as we sustained positive momentum across each of our business segments,” said Kevin Johnson, Starbucks president and CEO, in a statement. “Our U.S. business delivered 6% comparable store sales growth in the fourth quarter, while China grew comparable store sales by 5% and total transactions by 13%. Our strong performance throughout fiscal 2019 gives us confidence in a robust operating outlook for fiscal 2020.”
Starbucks expects full-year adjusted earnings of $3 to $3.05 a share, while analysts had forecast earnings of $3.07 a share.
Starbucks shares rose 2.8% after hours, following a 0.1% rise in the regular session to close at $84.19 for a 31% year-to-date gain. In comparison, the S&P 500 index SPX, +0.33% closed up 0.3% for a year-to-date gain of 25%.
Read: Starbucks to make ‘long-term investments’ to reduce pressure and stress for store managers
