The company's earnings per share (EPS) of $1.06 outperformed the expected $0.97, and its revenue reached $9.37 billion, up by 11.4% compared to the expected $9.29 billion.
The company's same-store sales surged by 8%, driven by higher average checks and a 3% increase in customer traffic to its cafes. This performance exceeded analysts' projections of a 6.8% same-store sales growth, with domestic locations outperforming.
In the U.S. and North America, same-store sales grew by 8%, with a 6% rise in the average check and a 2% increase in customer traffic. Internationally, outside North America, same-store sales increased by 5%, primarily due to higher customer visits.
In China, Starbucks' second-largest market, same-store sales increased by 5%, with an 8% rise in customer traffic, although the average ticket declined by 3%.
Looking forward to fiscal 2024, Starbucks expects same-store sales growth of 5% to 7%, which is slightly lower than its long-term forecast of 7% to 9% same-store sales growth.
“We finished our fourth quarter and full fiscal year strong, delivering on the higher end of our full-year guidance. Our Reinvention is moving ahead of schedule, fueling revenue growth, efficiency and margin expansion,” commented Laxman Narasimhan, chief executive officer.