Starbucks Raises FY21 Outlook

(RTTNews) - Starbucks Corp. (SBUX) on Tuesday raised its outlook for fiscal 2021. The company now expects earnings per share in the range of $2.97 and $3.02, higher than its earlier estimate of $2.65 and $2.75.

Excluding items, earnings per share is expected between $3.20 and $3.25, up from prior view of $2.90 to $3.00. All these guidance is inclusive of a $0.10 impact of the 53rd week. On average, 29 analysts expect the company to report earnings of $2.99 per share in the year ahead.

Starbucks now expects fiscal 2021 revenues between $29.1 billion and $29.3 billion, up from the earlier $28.5 billion to $29.3 billion. The guidance is inclusive of a $500 million impact due to the 53rd week. On average, 27 analysts expect revenues of $28.8 billion in full year 2021. Global comparable store sales are expected to grow 20 percent to 21 percent from the earlier projected 18 percent to 23 percent. Americas and U.S comparable store sales growth is expected between 21 percent and 22 percent from the earlier 17 percent to 22 percent. International comparable store sales growth is expected between 15 percent and 17 percent, down from the earlier 25 percent to 30 percent.

For the fourth quarter, the company expects global comparable store sales growth between 18 percent and 21 percent. While Americas and the U.S comparable store sales are expected to grow between 22 percent and 25 percent. International growth is anticipated in the mid to high single digits.