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The Ratings Game: Starbucks better-than-expected same-restaurant sales may not be sustainable

Starbucks Corp. shares on Friday ended at their highest since June 2017 after the coffee giant reported a 4% same-restaurant sales increase for the Americas and U.S. But Stifel analysts question whether the company can maintain that level of growth.

The FactSet guidance was for a same-restaurant sales increase of 2.9% in the Americas.

“Interestingly, the same-restaurant sales gain was driven by check growth as traffic was negative, and [as] management has indicated the check growth should moderate in fiscal 2019, we question whether the same-restaurant sales increase is sustainable,” Stifel analysts led by Chris O’ Cull wrote in a note.

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