Shares of Starbucks (NASDAQ: SBUX) fell over 3% in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023.
Adjusted earnings per share came in at $0.75, which missed analysts’ consensus estimate of $0.77 per share. Sales increased by 8.2% year-over-year, with revenue hitting $8.71 billion. This missed analysts’ expectations of $8.783 billion.
Comparable sales were up 5% globally and up 10% in the US. The company also added 459 stores in Q1, and reached more than 36,200 stores in total.
Overall, Wall Street analysts have a consensus price target of $111.40 on SBUX stock, implying 2.06% upside potential, as indicated by the graphic above.