While missing on most financial metrics, Starbucks reported same-store sales in North America that were largely in line with expectations, in part to positive store traffic. North America operating margin, a measure of profitability, also beat estimates.
Nasdaq-listed Starbucks Corp sales rose at their slowest pace in a year and earnings missed Wall Street’s estimates as customer sales expanded at a more sluggish pace.
Same-store sales at company-operated locations open for more than a year rose 5% in the company’s 1QFY2024 ended Dec 31, 2023. That is lower than the 6.4% analysts expected, and represents the slowest growth rate since a year earlier, a sign that Starbucks’ momentum may be fading.
