A Starbucks logo at a location in New York, Aug. 17, 2023.
Gabby Jones | Bloomberg | Getty Images
Starbucks is expected to report its fiscal fourth-quarter earnings before the bell Thursday.
Here’s what Wall Street analysts surveyed by LSEG, formerly known as Refinitiv, are expecting:
- Earnings per share: 97 cents expected
- Revenue: $9.29 billion expected
In recent quarters, the coffee giant has reported strong U.S. demand. Even as consumers cut back spending elsewhere, they’re visiting Starbucks more often and buying pricey add-ons, like cold foam or a breakfast sandwich.
But investors have some concerns about the company’s second-largest market. China has struggled with an uneven recovery from the pandemic. Yum China, which runs KFC and Pizza Hut locations there, said Tuesday that sales weakened in late September and didn’t improve in October.
Looking to fiscal 2024, Wall Street is projecting Starbucks will earn $4.07 per share and report revenue of $39.69 billion, representing 10.6% year-over-year revenue growth, according to LSEG estimates.
Shares of Starbucks have fallen about 8% this year, dragging the company’s market value down to $104 billion.
The company will also be giving an update on its “reinvention” strategy to investors on Thursday afternoon in New York City.
This story is developing. Please check back for updates.