opStarbucks (NASDAQ: SBUX) reports that global comparable store sales fell 40% during the quarter against a consensus estimate of -42.8%. The average ticket was up 23% and transaction growth was -51% during the quarter.
Comparable sales in the Americas decreased by 41% to exceed the consensus expectation of a 43% drop. Comparable international sales fell 37% against -42.5% consensus.
Active membership in Starbucks Rewards in the US fell 5% to 16.3 million during the quarter due to lower customer frequency mainly attributable to temporary store closings and other impacts related to the COVID-19 outbreak.
The company’s consolidated operating margin fell to -12.6% of sales from 18.3% a year ago.
Looking ahead, Starbucks expects comparable global sales growth for fiscal year 2016 from -12% to -17% and EPS from $ 0.83 to $ 0.98 vs. consensus of $ 0.81.
Starbucks has a conference call scheduled for 5:00 pm ET.
SBUX + 2.10% AH at $ 76.20. The shares follow the S&P 500 index and the broad retail sale of the year.
Previously: Starbucks EPS Exceeds $ 0.15, Exceeds Revenue (July 28)
