Starbucks Revenues: Same-Store Sales and Sales Up in US Fueled by Cold Drinks

NEW YORK, NEW YORK – DECEMBER 31: A person walks with a dog outside Starbucks on December 31, 2020 in New York City. The pandemic continues to put a strain on restaurants and bars as businesses struggle to thrive with changing government restrictions and social distancing plans that affect keeping businesses open yet challenge profitability. (Photo by Noam Galai/Getty Images)

Starbucks (SBUX) posted record third-quarter results on Tuesday, with sales up 78% from a year ago during the depths of the COVID-19 pandemic.

These were key numbers versus expectations for the second quarter, according to analysts polled by Bloomberg.

  • Yield (corrected): $7.5 billion, versus $7.3 billion expected

  • Earnings per share (adjusted): $1.01 vs. 78 cents expected

“Starbucks delivered record performance in the third quarter, demonstrating strong momentum beyond recovery. Our ability to act quickly and nimble and stay ahead of changing customer behavior has helped Starbucks further differentiate itself, putting us well positioned today,” CEO Kevin Johnson said in the release.

For the fiscal quarter ended June 27, globally-tracked comparable store sales increased 73%, compared to estimates of 69.6%.

In the US, sales grew 90% year-over-year, while same-store sales grew 84% from a year ago. Also in the US, Starbucks cold drinks accounted for 74% of beverage sales, a new record.

International same-store sales grew 41% in the quarter, while China comparable store sales grew 19%

Elsewhere, during the fiscal third quarter, 90-day active Starbucks Rewards app users in the US were up 48% from a year ago to 24.2 million. In China, the number of active rewards members increased by 71% to 17 million users.

Starbucks also raised its full-year earnings forecast for 2021, projecting adjusted earnings per share of $3.20 to $3.25, compared to previous expectations of $2.90 to $3.

Starbucks opened a net 352 new stores in the quarter. The Starbucks store footprint now stands at a record 33,295 worldwide, with 5,135 stores in China and 15,348 in the US, accounting for 62% of the total retail portfolio.

Shares of Starbucks fell nearly 3% in the after-hours session to the last trade near $122.14.

Julia La Roche is a correspondent at Yahoo Finance. Follow her Twitter.