SBUX Starbucks Corporation

By Aisha Al-Muslim 

Starbucks Corp. reported record revenue in its latest quarter as the coffee giant benefited from higher prices and new store openings.

For its fiscal fourth quarter, the Seattle-based company posted a 3% increase in same-store sales globally, beating the 2.4% increase analysts had expected. The growth was driven by a 4% increase in the average ticket per customer.

Same-store sales in the Americas segment grew by 4%, while rising 1% in China, the company's fastest-growing market.

Revenue jumped 11% to $6.3 billion, beating estimates of $6.27 billion.

Shares rose 9.6% to $64.25 in after-hours trading Thursday. Shares are up 6% in the last year.

Starbucks reported a profit of $755.8 million, or 56 cents a share, compared with $788.5 million, or 54 cents a share, a year earlier. Excluding one-time items, Starbucks earned a profit of 62 a share, ahead of analysts' expectations.

The company active Starbucks Rewards members in the U.S. rose 15% over the prior year to 15.3 million. Mobile order and pay represented 14% of U.S. company-operated transactions.

For fiscal 2019, the company guided revenue growth of 5% to 7%. The company expects global comparable-store sales growth near the low end of the 3% to 5% range, compared with analysts' estimates of 2.5%.

Starbucks also guided adjusted earnings per share of $2.61 to $2.66 for the fiscal year, compared with analysts' forecasts of $2.63. The company also expects to add about 2,100 new stores.

Starbucks has been posting quarterly same-store sales growth recently well below its historical rate of 5% or greater in the U.S. as it faces competitors on both the high and low end. Starbucks has been trying to drive afternoon business, and entice customers to return more often with new food, drink deals and the option to use its mobile app.

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

(END) Dow Jones Newswires

November 01, 2018 17:10 ET (21:10 GMT)

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