Starbucks Corporation SBUX shares are trading higher by 9.56% to $92.78 Friday morning after the company reported better-than-expected fourth-quarter EPS and sales results.
The stock may also be rising in sympathy with the Chinese sector. Shares of several Chinese companies are trading higher following a report suggesting China could make changes to its COVID policy and may lift COVID flight suspensions.
Starbucks currently operates more than 5,400 stores in over 200 cities in the Chinese mainland, employing more than 60,000 partners.
What Happened?
Starbucks reported fourth-quarter revenue of $8.41 billion, up 3% year-over-year. The revenue total beat a Street estimate of $8.31 billion, according to data from Benzinga Pro.
The company reported earnings per share of 81 cents in the fourth quarter, beating a Street estimate of 72 cents per share.
Same store sales were up 7% globally in the fourth quarter, with the U.S. segment up 11% and the international region excluding China up double digits...Read More
According to data from Benzinga Pro, SBUX has a 52-week high of $117.80 and a 52-week low of $68.39.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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