Starbucks sees more and better for the rest of the year after second-quarter earnings Tuesday indicated a strong recovery of its same-store sales in the U.S. and China in continued recovery from the pandemic.
For its fiscal second quarter, Starbucks reported adjusted revenue of $6.67 billion, slightly lower than the $6.77 billion analysts expected. The company's adjusted earnings per share of $0.62 beat Wall Street's expectation of $0.52 per share for the quarter.
In the U.S., Starbucks reported a 9% growth in its same-store sales and a 21% increase in average tickets. In China, the company reported a 91% growth in comp-store sales with a 93% growth in transactions.
Globally, Starbucks reported a same-store sales growth of 15% for the quarter, slightly lower than the 17% expected by Wall Street. The company's average ticket increased by 19% for the period overall.
"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," Starbucks' chief executive, Kevin Johnson, said.
Starbucks reported a strong performance for its digital business during the three-month period. The company said the 90-day active users on its Starbucks Rewards app in the U.S. grew by 18% year-on-year to 22.9 million users. With most of the country still not fully reopened, Starbucks said its mobile app has received significant attention.
For the rest of its fiscal year, Starbuck raised its revenue and EPS guidance. The company said it expects to generate revenues of between $28.5 billion and $29.3 billion - slightly higher than its previous $28 billion to $29 billion forecasts. Starbucks said it expects its fiscal 2021 non-GAAP EPS to be between $2.90 and $3.00 - slightly up from its previous $2.70 to $2.90 forecast.
Starbucks expects its global comp-store sales growth to stay between 18% and 23%. Its forecast for its sees same-store sales growth in the U.S. remains at between 17% and 22%.
