Starbucks Corporation disclosed an increased first-quarter profit from the previous year, which surpassed Wall Street predictions.
The company's net income came in at $1.02 billion, translating to $0.90 per share, a leap from last year's first quarter when it stood at $0.85 billion or $0.74 per share.
When unique items are disregarded, Starbucks Corporation reported adjusted earnings amounting to $1.49 billion, or $0.90 per share for the quarter in review.
On average, economists expected the company's earnings per share (EPS) to be $0.86, reported by figures compiled by Thomson Reuters. It's worth noting that these estimates generally exclude one-time items.
For the quarter, the company's revenue showed a steady ascent, growing by 8.3% to reach $9.43 billion, an increment from last year's record of $8.71 billion.
At a glance (GAAP), Starbucks Corporation saw the following: a first-quarter earning of $1.02 billion compared to $0.85 billion from last year. Furthermore, the EPS for the first quarter was at $0.90 as opposed to $0.74 last year, with an analyst estimate of $0.86. The total revenue for Q1 was $9.43 billion, showing improvement when stacked up against $8.71 billion from the previous year.
