Shares of Starbucks were trading down nearly 5 percent Friday after the coffee chain posted another quarter of disappointing sales growth as holiday offerings failed to draw in customers.
Same-store sales came up short in all of the company's regions, Starbucks said late Thursday. However, growth in China was robust, with same-store sales rising 6 percent on the back of a 6 percent increase in transactions.
"China grew revenues 30 percent in Q1, with the strategic acquisition of East China positioning us to accelerate our growth in the key China market," Kevin Johnson, president and CEO, said in a statement.
- Adjusted EPS: 58 cents ex. items vs. 57 cents expected according to Thomson Reuters
- Revenue: $6.07 billion compared to $6.18 billion projected, according to Thomson Reuters
- Overall same-store sales: Up 2 percent vs 3 percent growth projected, according to StreetAccount
In the quarter ended Dec. 31, Starbucks said net income rose to $2.25 billion, or $1.57 per share, from $751.8 million, or 51 cents per share, a year ago.