Coffee retail giant Starbucks Corp. (NASDAQ: SBUX) has just reported earnings of $0.24 non-GAAP EPS and $2.4 billion in revenues. Thomson Reuters had estimates at $0.19 EPS and $2.38 billion in revenues. Unfortunately, same store sales were down by 5%.
The company’s margin was 8.5% and it is on target to trim out $500 million in operating costs this year. Guidance looks fairly solid at $0.74 to $0.75 non-GAAP EPS. The comparable estimates are $0.70 EPS. It is also introducing earnings guidance of 13% to 18% growth for 2010.
This looks like one of those guidance and reports where it is not exactly blowing the doors off the hinges, but it also looks like the company is performing better than many have been expecting.
Shares closed down 1.5% at $14.69 in regular trading and the 52-week trading range is $7.06 to $17.18. The after-hours indications have Starbucks trading up around $15.80.
JON C. OGG
JULY 21, 2009
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