Shares of Starbucks (NASDAQ:SBUX) slipped in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2023. Earnings per share came in at $0.74, which beat analysts’ consensus estimate of $0.65 per share. Sales increased by 14.5% year-over-year, with revenue hitting $8.7 billion. This beat analysts’ expectations of $8.43 billion.
Comparable store sales were up 11% worldwide and 12% in just North America. Starbucks revealed that its rewards membership program added another 15% against this time last year to reach a total of around 30.8 million. Further, Starbucks’ footprint expanded, as it added another 464 new stores worldwide.
Overall, Wall Street has a consensus price target of $113.93 on Starbucks stock, implying 0.33% downside risk, as indicated by the graphic above.
