Starbucks Beats Earnings Estimates, Posts Record Revenue. The Stock Surges.

Starbucks Starbucks stock surged ahead of the open of trading Thursday after the coffee chain posted stronger fiscal fourth-quarter sales and earnings than expected.

The company reported earnings of $1.06 a share on record revenue of $9.4 billion. Analysts polled by FactSet were predicting earnings of 97 cents a share and sales at $9.29 billion. Global same-store sales jumped 8%, driven by a 4% rise in the average customer check and a 3% rise in transactions. Starbucks said it will reveal fiscal year 2024 financial targets during its conference call at 7 a.m. Eastern time.

Shares of Starbucks were 7.3% higher ahead of the opening bell. The stock has fallen 8% this year as of Wednesday’s close.Write to Sabrina Escobar at sabrina.escobar@barrons.com

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