) fell on Wednesday after it reported first-quarter sales rose 6 per cent, helped by strong demand for essential goods including groceries and drugs.
In a research report, Desjardins Securities analyst Chris Li said: “Adjusted EPS of $1.55 was in line with our estimate and consensus, with growth driven by solid sales and cost control leverage. Although food SSSG was a touch below expectations, results showed continued strength in food and drug retail supported by high food inflation, shift to discount, market share gains, and strong Rx and front-store growth.
With most of China’s COVID-19 curbs now scrapped, consumer mobility and spending in the region bounced back sharply in March. “We’ve already seen it start to moderate,” she said, noting uncertainty about consumer behavior and international travel. “So when we take all of that into account, when we look at our guidance for the full year, we believe reaffirming our guidance allows us to continue to convey the momentum, but also for the confidence we have while still navigating a rather uncertain environment globally.”
Customers visited more often and spent more per trip, according to the earnings release. Excluding one-time items, Starbucks earned 74 US cents per share, beating estimates of 65 US cents.
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