Starbucks Q3 Earnings Brew: Revenue And Earnings Beat, Global Comps Jump 3% Despite China Lockdowns

Starbucks Corp SBUX reported its fiscal third-quarter earnings results Tuesday after the bell. Here's a look at the highlights from the quarter.

What Happened: Starbucks said fiscal third-quarter revenue jumped 9% year-over-year to $8.15 billion, which beat the estimate of $8.1 billion, according to data from Benzinga Pro. 

The coffee giant reported quarterly earnings of 84 cents per share, which beat the estimate of 75 cents per share.

Global comparable store sales increased 3% year-over-year, driven by a 6% increase in average ticket, but partially offset by a 3% decline in comparable transactions. U.S. and North America comparable store sales increased 9% year-over-year. International comps decreased 18% year-over-year, driven by a 44% decrease in China comps in the wake of extended COVID-19 lockdowns.

“We have clear line-of-sight on what we need to do to reinvent the company, elevate our partner and customer experiences and drive accelerated, profitable growth all around the world,” said Howard Schultz, interim CEO of Starbucks.

What's Next: Starbucks said its full-year guidance will remain suspended for the balance of the year. 

"Our commitment to deliver shareholder value has not wavered, and we are making the right decisions and investments today for the future of Starbucks,” said Rachel Ruggeri, CFO of Starbucks.

See Also: How To Trade Starbucks Stock Before And After Q3 Earnings

SBUX Price Action: Starbucks has a 52-week high of $117.80 and a 52-week low of $68.39.

The stock was up 1.54% in after hours at $85 at press time.

Photo: Fabian Holtappels from Pixabay.