A store of coffee shop chain Starbucks in the center of Amsterdam, where people sit inside and enjoy a cup of coffee after shopping in the café, while others walk by.
Nicolas Economou | Nurfoto | Getty Images
Starbucks reported weaker-than-expected quarterly earnings and revenue on Tuesday, fueled by a surprise decline in same-store sales.
The company's shares fell 8% in extended trading.
Here's what the company reported, compared to what Wall Street expected, based on a survey of analysts by LSEG:
- Earnings per share: 68 cents adjusted versus 79 cents expected
- Revenue: $8.56 billion vs. $9.13 billion expected
The coffee giant reported second-quarter attributable net income of $772.4 million, or 68 cents per share, compared with $908.3 million, or 79 cents per share, a year earlier.
Net turnover fell by almost 2% to $8.56 billion. The company's same-store sales fell 4%, while traffic to its cafes fell 6% in the quarter.
Starbucks said it will discuss its full-year financial guidance during the company's conference call later on Tuesday. Last quarter, the company said it expects sales growth of 7% to 10%, global same-store sales growth of 4% to 6% and earnings per share growth of 15% to 20%.
This story is developing. Check back later for updates.