Starbucks posts revenues of $8.7 billion in Q1
Starbucks Corporation announced on Thursday its net revenue for the first quarter of fiscal 2023 stood at a record $8.7 billion, marking an 8% increase compared to the same period a year ago.
Diluted earnings per share (EPS) surged 7% year on year to $0.74 but still came in below estimates, while net income reached $855.2 million. The company added it opened 459 net new stores worldwide and stressed its comparable store sales grew by 5% in the three-month period.
"We posted today's strong results despite challenging global consumer and inflationary environments, a soft quarter for retail overall and the unprecedented, COVID-related headwinds that unfolded in China in Q1," interim CEO Howard Schultz stated.
Starbucks shares slid 3.26% in after-hours trading on disappointing results.