Starbucks: Q3 EPS down 7%

(CercleFinance.com) - On Tuesday evening Starbucks reported non-GAAP EPS down 7% to $0.
93 for Q3 2023-24, with its non-GAAP operating margin contracting 70bp to 16.7% at constant exchange rates. NB: pmt +2.4%.

The coffeehouse chain's net revenues contracted 1% on a reported basis to $9.1bn, with global same-store sales down 3%, largely due to a 14% drop in China.

Our efficiency efforts, which exceeded expectations, partially offset the investments associated with the cautious consumer environment, CFO Rachel Ruggeri points out, however.


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