来源：环球市场播报 星巴克一年多来首次实现同店销售额正增长，初步预示着这家咖啡连锁商扭转颓势的努力正在取得成 效。 星巴克周三表示，公司第四财季现有门店的销售额增长1%，高于分析师的平均预期，并打破了此前连 续六个季度下滑的局面。 同店销售额主要得益于国际市场增长3%的强劲表现，中国市场的销售额反弹，但美国市场的业绩持 平，与预期相符。 截至9月28日的财季，净营收为96亿美元，超出分析师预期，但每股收益不及预期。 ...

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Core Insights - Starbucks has reported its first global comparable store sales growth in seven quarters, attributed to the turnaround strategy initiated last year [1][3] Financial Performance - Global comparable store sales increased by 1% for the quarter ending September 28, with North America segment sales flat and international segment sales up by 3% [2] - In the same quarter of the previous year, North America segment sales were down by 6% and international segment sales were down by 9% [2] Strategic Initiatives - The "Back to Starbucks" strategy aims to return the company to its roots while addressing future challenges, focusing on enhancing customer experience and operational efficiency [3][4] - Key components of the strategy include providing baristas with necessary tools, improving supply chain logistics, and enhancing the mobile ordering platform [4] - Starbucks plans to close underperforming coffeehouses, reducing its store count by 1% to approximately 18,300 locations in the U.S. and Canada, while also planning to renovate 1,000 stores [4]

Core Insights - Starbucks has achieved positive same-store sales growth for the first time in over a year, indicating that the company's efforts to turn around its performance are beginning to show results [1] - The company's net revenue for Q4 of fiscal year 2025 increased by 5.5% year-over-year to $9.57 billion, surpassing market expectations of $9.34 billion [1] - Same-store sales rose by 1%, better than the anticipated decline of 0.48%, ending a six-quarter streak of declines, primarily driven by strong international market performance [1] Financial Performance - Adjusted earnings per share were $0.52, falling short of market expectations of $0.55 [3] - The adjusted operating margin decreased by 900 basis points year-over-year to 9.4%, mainly due to coffee prices, tariffs, and investments in labor during the transformation process [3] Strategic Initiatives - Starbucks is streamlining its menu by eliminating unpopular drinks and replacing them with products that better align with consumer preferences [3] - In Q4, the company closed 627 stores, with over 90% located in the U.S., resulting in a net decrease of 107 stores despite new openings [3] - The company has renovated only 70 stores, primarily in New York and Southern California, but plans to accelerate this process, aiming to complete renovations on over 1,000 stores by the end of the current fiscal year [3] Leadership and Future Outlook - CEO Brian Niccol expressed optimism about the current improvements in sales and transaction volumes, indicating that the revival plan is showing initial success [3] - Starbucks has not provided performance guidance but plans to present its outlook for fiscal year 2026 and beyond at an investor day in late January [4] - The CFO anticipates that higher coffee costs will continue to be a negative factor in the first half of fiscal year 2026 [4]

Monetary Policy Impact - The Federal Open Market Committee (FOMC) cut interest rates by 25 basis points to a range of $3.75-4.00 for the first time in three years, causing major stock indexes to fall into negative territory [1][7] - Fed Chair Jerome Powell indicated that future rate cuts are not guaranteed and will be data-driven, despite market assumptions of another cut in December [2][3] Earnings Reports Overview - Microsoft (MSFT) reported earnings of $4.13 per share on revenues of $77.67 billion, exceeding estimates of $3.65 per share and $74.96 billion, with Azure Cloud revenue growing by 40% year over year [4] - Alphabet (GOOGL) saw shares rise by 6% after reporting earnings of $2.87 per share, surpassing the $2.26 estimate, with revenues of $87.47 billion, better than the $84.96 billion forecast [5] - Meta Platforms (META) reported earnings of $7.25 per share on revenues of $51.24 billion, exceeding the $6.61 estimate and $49.45 billion forecast, with daily active users reaching 3.54 billion [6] - ServiceNow (NOW) shares increased by 3% after reporting earnings of $4.82 per share on revenues of $3.41 billion, both surpassing expectations [8] - Starbucks (SBUX) missed earnings expectations by 3 cents per share, reporting 52 cents, but revenues of $9.6 billion exceeded the $9.33 billion forecast [8]

Starbucks (SBUX) reported $9.57 billion in revenue for the quarter ended September 2025, representing a year-over-year increase of 5.5%. EPS of $0.52 for the same period compares to $0.80 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $9.33 billion, representing a surprise of +2.61%. The company delivered an EPS surprise of -5.46%, with the consensus EPS estimate being $0.55.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Str ...

Core Insights - Starbucks has reported a 1% increase in global comparable sales for the fourth quarter, marking the first rise in seven quarters [1] - The introduction of protein-heavy drinks, including protein cold foam and protein lattes, has contributed to this turnaround [2] Sales Performance - The US comparable sales remained flat, indicating a mixed performance in the domestic market [1] - The global increase in comparable sales suggests a positive trend for the brand overall [1] Product Innovation - New protein-infused beverages are attracting more customers, particularly those in the rewards program, leading to increased visit frequency [3] - Customers can now add protein to 90% of Starbucks beverages, with early results showing positive reception [2][3] - Customization options for protein drinks, such as flavoring, have been well-received, with pumpkin-flavored cold foam being a popular choice [3][4] Leadership and Strategy - CEO Brian Niccol emphasizes that the protein beverages are just the beginning of a broader health and wellness focus for Starbucks [4] - Under Niccol's leadership, Starbucks has implemented various changes, including increased barista hours and corporate layoffs, to improve operations [9] - Niccol expresses cautious optimism about the company's progress, stating that the recent sales gain indicates a potential turning point in the turnaround strategy [10]

Core Insights - Starbucks reported quarterly earnings of $0.52 per share, missing the Zacks Consensus Estimate of $0.55 per share, and down from $0.80 per share a year ago, representing an earnings surprise of -5.46% [1] - The company posted revenues of $9.57 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.61% and up from $9.07 billion year-over-year [2] - Starbucks shares have declined approximately 6.4% year-to-date, contrasting with the S&P 500's gain of 17.2% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.62 on revenues of $9.65 billion, and for the current fiscal year, it is $2.58 on revenues of $38.55 billion [7] - The trend of estimate revisions for Starbucks was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Retail - Restaurants industry, to which Starbucks belongs, is currently ranked in the bottom 11% of over 250 Zacks industries, suggesting potential challenges for stocks within this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, highlighting the importance of monitoring these revisions for investment decisions [5]

Core Insights - Starbucks reported its first quarter of positive global same-store sales since 2023, with a systemwide increase of 1% after six consecutive quarters of declines [1] - U.S. same-store sales remained flat for the fourth quarter of 2025, which ended on September 28 [1] Sales Performance - The systemwide sales growth was primarily driven by global traffic gains, while in North America, same-store sales were mainly supported by ticket growth, offset by traffic declines [2] - International same-store sales increased by 3%, driven by a 6% traffic growth, despite a 3% decline in average ticket [3] Market Challenges and Strategies - CEO Brian Niccol stated that the "Back to Starbucks" strategy is proving effective one year after its implementation [2] - CFO Cathy Smith highlighted that Q4 marked a turning point for the company, with expectations for U.S. company-operated comps to build throughout the year, although recoveries may not be linear [3] Store Closures and Financials - Starbucks closed 627 stores in Q4, representing 1% of all North America stores, with over 90% of closures occurring in North America [4] - The net store count declined by 107 cafes after considering store openings [4] - The company reported a 5.5% increase in net revenues to $9.6 billion for Q4 2025, but net income fell over 85% from $909 million in Q4 2024 to $133.1 million in Q4 2025 [5]

Core Insights - The Federal Reserve's recent remarks indicate that a rate cut in December is uncertain, leading to a negative reaction in the stock market [1] - Starbucks reported Q4 net revenue of $9.6 billion, exceeding analyst estimates, and achieved its first positive quarter of global same-store sales in nearly two years [2][3] - Chipotle's Q3 revenue was $3 billion, missing analyst expectations, with adjusted EPS at $0.29, which was in line with estimates [14][15] - Microsoft reported first-quarter results that surpassed Wall Street expectations, with Azure growth at 39% in constant currency, although some investors were disappointed by not reaching 40% [25][29] Starbucks - The company experienced a 1% year-over-year decline in US and North American transactions, which was better than market expectations [4] - International transaction growth was strong at 6%, particularly in previously weaker markets [5] - The company is facing competition from drive-through coffee chains and changing consumer behavior among lower and middle-income consumers [6][8] - Same-store sales in China rose by 2%, slightly below expectations [9][10] - Starbucks is focusing on recapturing its experience-focused customers and has initiated a multi-year transformation plan [12][13] Chipotle - The company reported a 1% decline in comparable transactions, reflecting challenges faced by fast-casual chains [15][17] - Chipotle has cut its full-year sales projection for the third time, now expecting low single-digit sales declines [20] - There are opportunities for growth in smaller markets and through menu innovation [22][23] Microsoft - The company has invested significantly in AI, which is contributing to its Azure growth, estimated to be in the low to mid-teens percentage of total Azure business [30][31] - Microsoft’s partnership with OpenAI is expected to enhance its growth trajectory, with rights to AGI until 2032 [34][36] - The market's reaction to Microsoft's results may be influenced by high expectations and valuation concerns [28][29] ETF Industry - The SEC is reviewing applications for dual share classes that would allow seamless transitions between mutual funds and ETFs, potentially accelerating ETF growth [37][40][42] - The ETF market is expected to double in size, with over 4,000 ETFs currently, which could increase to 8,000-10,000 [43] - ETFs are favored for their lower costs, intraday liquidity, transparency, and tax efficiency compared to mutual funds [44][46]