1/28, 10:06 PM (Source: TeleTrader)
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Starbucks' revenue up 7% to $7.1B in Q1

Starbucks Corporation announced on Thursday its net revenue for the first quarter of 2020 stood at $7.1 billion, marking a 7% increase compared to the same period a year ago and in line with market estimates. Diluted earnings per share (EPS) surged 21.3% year on year to $0.74, while net income rose 16.4% to $885.7 million. The company added it opened 539 stores worldwide and stressed its comparable store sales grew by 5% in the three-month period.

The coffeehouse chain stressed its results later in the year are likely to be affected by the outbreak of the coronavirus in China which forced it to close over half of its stores in the country. "The duration of business disruption, reduced customer traffic and related financial impact cannot be reasonably estimated at this time but are expected to materially affect our International segment and consolidated results for the second quarter and full year of fiscal 2020," the company noted.

Starbucks shares were up 0.2% in after-hours trading.

Breaking the News / NP