在星巴克(SBUX.US)强调其首席执行官尼科尔(Brian Niccol)逆转长期销售下滑计划的进展后，该公司股 价周二盘后上涨。尽管该公司2025财年第三财季的同店销售额和利润未达市场预期，但投资者关注的是 财报中的积极信号，包括自2023年底以来中国市场首次实现销售增长。尼科尔在事先准备好的发言中表 示，转型计划"进展超出预期"，并承诺将在2026年"掀起一波创新浪潮"。 尼科尔表示，尽管财务表现尚未完全体现出改革成果，但复兴步伐已领先于预期。他提到，根据自己过 往在Chipotle成功应对食品安全危机的经验，目前公司势头正在转强。受此消息影响，截至发稿，星巴 克周二美股盘后涨逾4%。 这是星巴克中国业务一年半以来首次实现同店销售增长。据此前报道，星巴克一直在考虑出售其中国业 务部分股权。尼科尔在财报电话会议上表示，已有超过20家机构对此表现出兴趣，该公司希望保留"有 分量的"股份。 星巴克表示，其运营利润率在Q3下降，主要原因包括为转型计划投入的支出，如增加门店员工人数、 在拉斯维加斯举行的门店经理大会支出、以及通胀带来的压力。 星巴克首席财务官史密斯(Cathy Smith)表示，该公司将在未来一年 ...

Core Insights - Starbucks reported revenue of $9.46 billion for the quarter ended June 2025, reflecting a year-over-year increase of 3.8% [1] - The company's EPS was $0.50, down from $0.93 in the same quarter last year, indicating a significant decline [1] - The revenue exceeded the Zacks Consensus Estimate of $9.3 billion by 1.68%, while the EPS fell short of the consensus estimate of $0.65 by 23.08% [1] Financial Performance Metrics - Total stores reached 41,097, slightly below the average estimate of 41,148 from eight analysts [4] - Comparable store sales in North America decreased by 2%, compared to an estimated decline of 1.9% [4] - Comparable store sales internationally showed no growth, falling short of the estimated growth of 2.3% [4] - Net revenues from North America were $6.93 billion, surpassing the average estimate of $6.88 billion, with a year-over-year increase of 1.6% [4] - Net revenues from company-operated stores internationally were $1.53 billion, slightly above the estimate of $1.52 billion, marking a 10.6% year-over-year increase [4] - Net revenues from licensed stores internationally were $465.1 million, close to the estimate of $467.92 million, with a year-over-year increase of 3.9% [4] - Net revenues from licensed stores in North America were $640.5 million, below the estimate of $659.42 million, reflecting a year-over-year decline of 6% [4] - Net revenues from company-operated stores totaled $7.81 billion, exceeding the estimate of $7.71 billion, with a year-over-year increase of 3.9% [4] - Net revenues from licensed stores amounted to $1.11 billion, slightly below the estimate of $1.12 billion, indicating a year-over-year decline of 2.1% [4] - Net revenues from other sources were $537.9 million, surpassing the estimate of $471.17 million, with a year-over-year increase of 14.7% [4] - Net revenues from channel development reached $483.8 million, exceeding the estimate of $441.13 million, with a year-over-year increase of 10.4% [4] Stock Performance - Starbucks shares returned +2.2% over the past month, underperforming the Zacks S&P 500 composite's +3.6% change [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]

Market Overview - The S&P 500 and Nasdaq reached intra-day record highs but closed in the red, with the Dow down 204 points (-0.46%), S&P 500 down 18 points (-0.30%), Nasdaq down 80 points (-0.38%), and Russell 2000 down 13 points (-0.61%) [1] - Trade deals are progressing but lack the strength to drive the market higher, with Q2 earnings showing some weaknesses outside of Big Tech [2] Federal Reserve Policy - A new announcement on Fed policy is expected, with the current interest rate of 4.25-4.50% likely to remain unchanged for the fifth consecutive FOMC meeting [3] - Some analysts anticipate dissent among Fed members regarding the need for rate cuts despite current unemployment at +4.1% and inflation at +2.7% [3] Earnings Reports - **Starbucks (SBUX)**: Reported Q3 earnings of $0.50 per share, missing the consensus of $0.65, attributed to a one-time charge of $0.11. Revenues were $9.50 billion, exceeding expectations of $9.30 billion. Same-store sales fell -2% compared to a -1.3% consensus [4][5] - **Visa (V)**: Reported earnings of $2.98 per share, beating expectations of $2.86, with revenues of $10.2 billion surpassing the $9.87 billion forecast. Despite strong performance, shares fell -3% in after-hours trading [6] - **Booking Holdings (BKNG)**: Reported Q2 earnings of $55.40 per share, exceeding the $50.59 estimate, with revenues of $6.8 billion above the $6.56 billion consensus. Gross bookings reached $46.7 billion [7] - **Mondelez (MDLZ)**: Reported earnings of $0.73 per share, beating estimates by $0.05, with revenues of $8.98 billion exceeding the $8.88 billion expectation. The company faced challenges from rising cocoa prices and tariffs [8] Upcoming Market Events - The earnings season is expected to peak with reports from major companies like Microsoft and Meta Platforms, along with others such as Ford and Qualcomm [9] - Private-sector payroll data from ADP is anticipated, with a consensus of +64K jobs for July, following a previous decline of -33K [10] - Q2 GDP is projected to rebound to +2.3% from Q1's -0.5%, influenced by tariff policies and economic outlook improvements [10]

Core Viewpoint - Starbucks' fiscal third-quarter results were mixed, with revenue growth but significant declines in earnings per share and comparable sales in North America [1][4]. Financial Performance - Total revenue for Q3 FY 2024 was $9.11 billion, increasing to $9.46 billion in Q3 FY 2025, representing a 4% growth and beating expectations [2]. - Adjusted earnings per share fell from $0.93 to $0.50, a decline of 46%, which missed expectations [2]. - North America comparable sales remained unchanged at -2%, while international comparable sales improved by 7 percentage points, moving from -7% to 0% [2]. Business Insights - The company reported a 4% global revenue increase, with a 2% rise in North America and a 9% increase in the international segment [4]. - Despite the revenue growth, global comparable sales decreased by 2%, driven by a 2% drop in North America, while international sales remained flat [4]. - CEO Brian Niccol expressed confidence in the company's turnaround, stating that significant progress has been made and a "wave of innovation" is expected next year [5]. Market Reaction - Following the quarterly release, Starbucks' stock rose by 5% in after-hours trading, indicating investor acceptance of the CEO's optimistic outlook despite the earnings miss [6]. Regional Performance - China showed positive signs with comparable sales increasing by 2% year over year, reversing a previous decline, and the company opened over 500 new locations in China in the past 12 months [7].

Financial Data and Key Metrics Changes - Total company net revenue for Q3 was $9.5 billion, reflecting a 3% increase year-over-year, driven by 6% net new company-operated store growth, partially offset by a 2% decline in comparable store sales [40][41] - Global operating margin was 10.1%, a decrease of 650 basis points from the prior year, primarily due to deleverage and investments in the Back to Starbucks strategy [49] - Earnings per share (EPS) for Q3 was $0.50, down 45% from the prior year, mainly reflecting the impact of expense deleverage and investments [50] Business Line Data and Key Metrics Changes - In North America, comparable sales declined by 2%, with the U.S. experiencing a transaction comp decline of less than 4% [40][41] - Canada reported low single-digit sales comp growth, driven by product innovation, particularly in food [44] - The international segment achieved over $2 billion in quarterly revenue for the first time, with strong performance in the UK and Mexico [28][45] Market Data and Key Metrics Changes - Starbucks China's comparable store sales grew by 2%, driven by a 6% improvement in comparable transactions, supported by successful product innovation and marketing campaigns [46][28] - The UK and Mexico showed positive comparable sales performance, while Japan faced challenges with negative comparable sales due to soft consumer sentiment [31][46] Company Strategy and Development Direction - The company is focused on the "Back to Starbucks" strategy, which aims to enhance customer service and operational efficiency, with significant investments in the Green Apron service model [5][14] - Plans include a comprehensive evaluation of the coffee house portfolio to ensure alignment with brand and customer expectations, targeting at least 1,000 uplifts across North America by the end of 2026 [20][21] - The company aims to innovate its menu and enhance the Starbucks Rewards program to better recognize customer loyalty and engagement [86][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the turnaround strategy, noting early signs of progress in partner engagement and customer satisfaction [8][12] - The company anticipates that investments in labor and operational improvements will yield healthier margins over time, with a focus on disciplined capital deployment [54][53] - Management acknowledged the dynamic environment regarding coffee prices and tariffs but remains optimistic about future growth opportunities [52][53] Other Important Information - The company plans to hold an Investor Day in early 2026 to provide insights into long-term strategies and performance expectations [66][68] - The Green Apron service model is set to roll out across all U.S. company-operated stores, aiming to standardize customer service and operational efficiency [14][72] Q&A Session Summary Question: Investment in stores and cost offsets - Management highlighted the importance of the Green Apron service as a foundational operating model and is working on cost structure efficiency across the P&L [58][59] Question: Long-term margin expectations - Management indicated that 2019 margins serve as a guidepost for future profitability, emphasizing the need to drive top-line growth first [65][66] Question: Green Apron service rollout - The Green Apron service model will begin rolling out mid-August, with expectations for gradual implementation across stores [71][72] Question: Marketing impact on transactions - Management noted improvements in marketing effectiveness and operational progress, contributing to increased transactions [78][79] Question: Food innovation opportunities - Management acknowledged successful food initiatives in Canada and plans to leverage successful food offerings globally [80][81]

Financial Data and Key Metrics Changes - Total company net revenue for Q3 fiscal year 2025 was $9.5 billion, reflecting a 3% increase year-over-year, driven by 6% net new company-operated store growth, partially offset by a 2% decline in comparable store sales [39][40] - Global operating margin was 10.1%, a decrease of 650 basis points from the prior year, primarily due to deleverage and investments in the Back to Starbucks strategy [47] - Earnings per share (EPS) for Q3 was $0.50, down 45% from the prior year, mainly reflecting the impact of expense deleverage and investments in the Back to Starbucks strategy [49] Business Line Data and Key Metrics Changes - In North America, comparable sales in the U.S. declined by 2%, while Canada experienced low single-digit sales growth, driven by product innovation [7][43] - The college and university license business saw year-over-year comparable sales growth in the low double digits, indicating renewed brand engagement among younger customers [10] - The delivery business achieved over 25% year-over-year transaction growth, contributing positively to overall performance [11] Market Data and Key Metrics Changes - Internationally, the segment posted over $2 billion in quarterly revenue for the first time, with seven out of the top ten markets showing positive comparable sales, particularly in the UK and Mexico [27][44] - In China, comparable store sales grew by 2%, driven by a 6% improvement in transactions, supported by successful product innovation and marketing campaigns [45][28] - The UK and Turkey markets showed continued momentum with improving comparable sales performance, while Latin America maintained double-digit year-over-year growth in system sales [30][31] Company Strategy and Development Direction - The company is focused on the "Back to Starbucks" strategy, which aims to enhance customer experience and operational efficiency, with significant investments in labor and service standards [5][6] - The rollout of the Green Apron service model is a key initiative aimed at establishing consistent and scalable customer service standards across all U.S. stores [15][72] - Future innovations will include a robust menu pipeline and enhancements to the Starbucks Rewards program, aimed at increasing customer loyalty and engagement [23][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the turnaround strategy, noting early signs of progress in partner engagement and customer satisfaction metrics [32][52] - The company anticipates that investments in operational improvements will yield healthier margins over time, despite current margin pressures [49][53] - An Investor Day is planned for early 2026 to provide further insights into long-term growth strategies and financial performance expectations [34][65] Other Important Information - The company is conducting a comprehensive evaluation of its store portfolio to ensure alignment with brand and customer expectations, with plans to complete this by the end of the fiscal year [46][21] - The introduction of new product innovations, such as Protein Cold Foam, is expected to enhance customer offerings and drive sales [24][25] Q&A Session Summary Question: What are the cost offsets related to the $500 million investment in labor hours? - Management indicated that they are working across the entire P&L to identify cost structure efficiencies, with both short-term and long-term strategies in place [59][60] Question: Can the company return to pre-COVID margin levels? - Management views 2019 margins as a reasonable benchmark and is focused on driving top-line growth while establishing a cost structure that supports profitability [65][66] Question: How quickly will the Green Apron service model be implemented across stores? - The rollout will begin mid-August, with a focus on ensuring proper staffing and operational consistency before full implementation [72][73] Question: What is driving the sequential improvement in transactions? - Management attributed improvements to better marketing efforts and operational progress, with a focus on enhancing customer experience [78][79] Question: What changes are expected in the rewards program? - The rewards program will be reimagined to better recognize customer loyalty and engagement, moving away from a one-size-fits-all discounting approach [86][87]

星巴克（SBUX）美股盘后一度涨约4%。 ...

Group 1 - The core viewpoint is that Starbucks aims to retain a significant stake in its Chinese operations amidst interest from over 20 parties [1]

Hey, Morgan. Starbucks reporting a revenue beat here for Q3. Nine and a half billion.That's better than the 9.31% billion estimated by analysts. EPS50 cents adjusted. We're not going to be comparing that to estimates due to an 11cent charge from a nonrecurring significant investment in its recent leadership experience conference and a non-discreet item.Same store sales down 2%. That's a bit worse than the 1.3% drop the street was expecting the sixth quarter of sales contractions in a row. North America sale ...

Core Insights - Starbucks reported a larger-than-expected decline in third-quarter global comparable sales, with same-store sales down 2%, marking the sixth consecutive quarterly contraction [1][4] - The decline was greater than analysts' average estimate of a 1.19% dip, indicating cautious consumer spending affecting demand [1] Sales Performance - Same-store sales in North America also fell by 2%, consistent with the previous year's decline [6] - Customer visits decreased by an average of 0.1% from April to June, an improvement compared to a 0.9% drop in the prior three months, suggesting early signs of recovery from the "Back to Starbucks" initiative [6] Strategic Initiatives - CEO Brian Niccol has implemented a simplified menu, introduced freshly baked food items, and emphasized quicker service as part of a brand reset since taking over in August [2] - The company plans to increase staffing investments in all 10,000-plus Starbucks-owned US stores by the end of summer [4][7] Financial Impact - CFO Cathy Smith noted that a significant non-recurring investment in the Leadership Experience 2025 and a discrete tax item negatively impacted Q3 EPS by 11 cents [5]