The Starbucks coffee chain reported a net profit of $ 622.2 million in the first fiscal quarter in 2021, a 29.7% decrease from the same period in 2020. Earnings per quarter were $ 0.53, “a substantial improvement in margins compared to the previous quarter”. According to the company.
The company says net revenue is 6.75 billion, down 4.9% of the total, “due to the impact of the Kovid-19 epidemic.” Operating expenses decreased 0.5% to US $ 5.92 billion, with administrative expenses of US $ 472.1 million, an increase of 8.7%.
Starbucks CEO Kevin Johnson said “significant and sequential improvements” were still reported until the epidemic began to escalate. The executive says the company is positioned for long-term growth.
Net revenue on the US continent was $ 6.1 billion at the end of the first fiscal quarter, up 6.1%. Same-store sales (SSS) fell 5% in the United States, while 5% in China.
According to the company, the numbers indicate “continued recovery”. The average ticket increased by 17%.
For the next quarter, the company forecasts same-store sales growth of 5% to 10% in the United States, while estimates in China indicate “100% growth”. Earnings per share are expected to be between $ 0.45 to $ 0.50.
Video: Latest Economy News
Henry Lawson is a contributor at Sproutwired.com, covering a wide range of topics including news, politics, business, technology, sport, entertainment and lifestyle. He focuses on delivering clear, accurate and reader-friendly reporting that helps audiences stay informed about current affairs and important developments. With an emphasis on useful information and balanced coverage, Henry aims to highlight stories that matter most to readers, providing context and insight in a straightforward and accessible way.
