This post was originally published on this site
Starbucks Corporation (NASDAQ:SBUX) shares lost 10% in after-hours trade following the report.
Starbucks reported earnings of $0.68 on revenue of $8.60 billion. Analysts polled by Investing.com anticipated EPS of $0.80 cents on revenue of $9.13B.
The weaker performance was driven by a slip in comparable store sales in the quarter amid a “highly challenged environment,” the company said.
Comparable store sales decreased 4%, confounding consensus estimates for a 1% increase asNorth America comparable store sales fell 3%, and international comparable store sales fell 6%, pressured by a 11% decrease in China.
