Starbucks beats on the top and bottom line as customers buy up pricier drinks

Starbucks on Thursday reported quarterly earnings and revenue that topped analysts’ expectations.

Shares of the company rose more than 6% in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:

• Earnings per share: $1.06 adjusted vs. 97 cents expected
• Revenue: $9.37 billion vs. $9.29 billion expected

The coffee giant reported fiscal fourth-quarter net income attributable to the company of $1.22 billion, or $1.06 per share, up from $878.3 million, or 76 cents per share, a year earlier.

Net sales climbed 11.4% to $9.37 billion.

The company’s same-store sales rose 8%, fueled by higher average checks and a 3% increase in customer traffic to its cafes.

Starbucks said it would share its full-year outlook for fiscal 2024 on its investor conference call.

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