Starbucks Corp.’s stock soared 10% Thursday to lead S&P 500 gainers and put it on track for its biggest one-day gain in more than a year, after the coffee store chain posted better-than-expected earnings for its fiscal fourth quarter.
Chief Executive Laxman Narasimhan said the company is not seeing a drop in demand for its food and beverages in the current environment. The company posted net income of $1.219 billion, or $1.06 a share, for the quarter to Oct. 1, up from $878.3 million, or 76 cents a share, in the year-earlier period. Adjusted per-share earnings also came to $1.06, ahead of the 97 cent FactSet consensus.Revenue rose 11% to $9.374 billion, also ahead of the $9.290 billion FactSet consensus. Global and North America same-store sales rose 8%, below the 8.2% FactSet consensus.
The company expects EPS and adjusted EPS to grow in the 15% to 20% range, while the FactSet consensus estimate is for growth of 14.6%.
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