Daily newsletter · Mon 2 Nov 2026
Starbucks grew US sales 7.7%, and its shares still fell on Friday
Sales at Starbucks' US stores open at least a year rose 7.7% in the September quarter. The shares fell 1.74% to US$103.67 on Friday, a day the S&P 500 lost 1.82%.
More customers came back, and they spent more each visit. Transactions rose 2.4% and the average order 5.2%. Chief executive Brian Niccol said "Back to Starbucks" started as a turnaround plan and is now the company's growth plan.
Profit grew faster than sales. Adjusted earnings rose 54% to 80 cents a share, and the adjusted operating margin widened 4.5 percentage points to 14.0%.
Total revenue fell 4% to US$9.1 billion. That was mostly because Starbucks moved its China stores into a joint venture, where it keeps a 40% share.
next year's forecast is gentler. Starbucks expects North American same-store sales to grow about 4% in the year to September 2027, about half this quarter's pace. It forecasts adjusted earnings of US$3.15 to US$3.25 a share, about 18% growth, so wider margins have to do more of the work.
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