Zhi Tong Cai Jing·2026-01-28 15:38Core Viewpoint - Starbucks reported a strong performance in Q1 of FY2026, with net revenue of $9.9 billion, a 6% year-over-year increase, surpassing the forecast of $9.65 billion [1] Financial Performance - Adjusted earnings per share were $0.56, a 19% decline year-over-year, below the expected $0.59 [1] - Adjusted operating margin was 10.1% [1] Same-Store Sales Growth - Global same-store sales increased by 4%, marking the second consecutive quarter of positive growth, exceeding Wall Street's most optimistic expectations [1] - North America was the standout market, with same-store sales growth of 4%, including a 3% increase in comparable transactions, the first positive growth in eight quarters [1] - The U.S. market saw its first positive customer traffic in eight quarters, indicating the effectiveness of CEO Brian Niccol's "Back to Starbucks" transformation strategy [1] Performance in China - China exhibited remarkable performance with same-store sales growth of 7%, driven by a 5% increase in transaction volume and a 2% rise in average ticket size [1] - This growth rate significantly outpaced the global average, demonstrating Starbucks' competitive recovery in this key market [1] - The number of stores in China reached 8,011, a 4% increase year-over-year, accounting for nearly 20% of the total global store count [1]