) brewed up some fiscal Q4 earnings early Thursday morning. While it beat most estimates, it was a tale of two countries.
Its international business saw weakness with ticket size falling lower, as coffee drinkers in China pull back amid a slowing economy. The company added 816 new stores last quarter, bringing the total to 38,038 stores, with 52% company-operated and 48% licensed locations. Its stores have benefitted from customers going back to pre-COVID routines, and China easing its strict lockdowns in 2023.
Post-COVID recovery and consumer spending levels are still uncertain, while the labor shortage is ongoing. The company's focus on investing in expensive equipment upgrades to increase store productivity may not produce the desired results, added Gargiulo. Through this updated plan, the company expects long-term sales growth of 5% or greater, revenue growth of 10% or greater, and earnings per share growth of 15% or greater.
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