Starbucks raises full-year outlook as same-store sales climb 7.9%

“This was the quarter our momentum became truly measurable,” CEO Brian Niccol said in a video shared with the company’s earnings press release.

The coffee giant also reported quarterly earnings and revenue that topped analysts’ expectations.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: 85 cents adjusted vs. 66 cents expected
• Revenue: $9.32 billion vs. $9.16 billion expected

Excluding items, Starbucks earned 85 cents per share.

Net sales dropped 1% to $9.3 billion due to the company’s sale of a controlling stake in its China business. In November, Starbucks announced it was forming a joint venture with Boyu Capital, which would take over operations in the coffee chain’s second-largest market.

Although Starbucks’ overall revenue fell, its sales at stores open at least a year climbed 7.9%, topping Wall Street estimates of 6%, according to StreetAccount.

The company’s U.S. same-store sales increased 8.1% in the quarter. Outside of Starbucks’ home market, same-store sales rose 5.7%.