Starbucks revenue, comparable sales beat estimates
The sales numbers drove up the stock despite Starbucks also reporting profits that missed estimates.
Starbucks rose in after-hours trading after it reported revenue and comparable sales numbers that beat Wall Street estimates, an encouraging sign that the coffee chain may be reversing its recent sales decline.
The coffee giant reported sales of $9.6 billion for the third quarter of this year, more than the $9.3 billion analysts polled by FactSet were expecting. It also reported that comparable sales rose 1%, better than the 0.3% decline the Street was penciling in.
"It's clear that our turnaround is taking hold,” CEO Brian Niccol said in a statement.
This drove up the stock despite Starbucks also reporting profit that missed estimates. It reported adjusted earnings per share of $0.52, less than the $0.56 analysts were penciling in.
