Starbucks Reiterates 2017 Targets; Q1 Global Comparable Store Sales Up 3%

(RTTNews) - Starbucks Corp. (SBUX) announced, for fiscal 2017, the company continues to expect: approximately 2,100 net new stores globally; mid-single digit comparable store sales growth globally; Consolidated revenue growth to be in the range of 8% to 10%; GAAP EPS in the range of $2.09 to $2.11 and non-GAAP EPS in the range of $2.12 to $2.14.

First-quarter GAAP EPS was $0.51 increased 11% over prior year. Non-GAAP EPS was $0.52 increased 13% over prior year. On average, 29 analysts polled by Thomson Reuters expected the company to report profit per share of $0.52 for the quarter. Analysts' estimates typically exclude special items.

First-quarter consolidated net revenues were $5.73 billion, an increase of 7% over prior year. The company said the increase was primarily driven by incremental revenues from the opening of 2,163 net new stores over the past 12 months and 3% growth in global comparable store sales. Analysts expected revenue of $5.85 billion for the quarter.

The Group said its U.S. comparable store sales increased 3% comprised of a 5% increase in average ticket and a 2% decrease in transactions. Adjusting for the estimated impact of order consolidation related to the new Starbucks Rewards loyalty program, average ticket grew 3% with transactions flat to prior year.