Starbucks earnings meet expectations, stock falls 5%
Starbucks reported nearly exactly in-line earnings Thursday, and the stock is sliding.
The company reported earnings of $0.39 per share, exactly in line with analyst expectations. Revenue came in at $5.00 billion against expectations of $5.03 billion.
"Starbucks Q2 represented another quarter of solid growth, with the highest revenues of any non-holiday quarter in our history and excellent financial, operating and profit performance," said CFO Scott Mew in a release accompanying the earnings.
Comparable store sales also grew 6% year over year, with 4% coming from increased purchase size and 2% from increased visitors.
After the announcement, the stock has been sliding. As of 4:18 p.m. ET the stock is down around 4.5% at $57.89 a share.
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More to come...