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Starbucks: revenue in red in the first fiscal quarter

Recorded a 5% drop

Starbucks Corporation reported results for the first quarter of fiscal year 2021, in which earnings exceeded analysts' estimates for the fifth consecutive quarter, but revenue did not meet the Group's goals. Starbuck's board approved a dividend of 45 cents per share. Shares of Starbucks reported a drop of more than 1.5% in extended trading. Including price shares, the US company is now trading at £ 74.85 per share; a figure that had plummeted to £ 41 per share in March 2020 following the closures imposed by the pandemic.

Starbucks reported first quarter net income of £ 452.37 million, which translates to 44.35p per share. In the same quarter last year, its net income stood at £ 643.94 million, or 53.80p per share. The US chain said its revenue dropped 5% year-on-year in the last quarter to £ 4.91bn. Starbucks attributed the decline to the pandemic, which weighed on retail sales in the first quarter, both in the US market and overseas.

CEO Kevin Johnson commented on the financial results as follows: “I am very pleased with our start to fiscal year 2021, with significant and sequential improvements in quarterly financial results, despite continued business interruptions due to the pandemic”. Starbucks also has highlighted in its report on Tuesday that retail sales recorded an annualized decline of 5% in the US. Internationally, retail sales were down 3% in fiscal Q1. Sales in the first quarter were up 5% on an annual basis in China. In the previous quarter (Q4), Starbucks had recorded a 9% decline in global retail sales. The Group recorded an annual gain of more than 20% in the stock market last year. currently, the Seattle-based company has a market capitalization of £ 89.61 billion and a price / earnings ratio of 133.28.

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