Starbucks Corporation SBUX shares are trading higher after the company reported better-than-expected third-quarter EPS and sales results. The company also raised fiscal year 2020 adjusted EPS guidance.
Starbucks reported third-quarter losses of 46 cents per share, which beat the analyst consensus estimate by 13 cents. This is a 158.97% decrease over earnings of 78 cents per share from the same period last year.
The company reported quarterly sales of $4.22 billion, which beat the analyst consensus estimate of $4.06 billion by 3.99%. This is a 38.12% decrease over sales of $6.82 billion the same period last year.
Starbucks raised fiscal year 2020 adjusted EPS guidance from 55-95 cents to 83-98 cents versus the 88 cents estimate. Comps were down 12%-17%.
Starbucks shares closed down 2.38% at $74.64 on Tuesday and ticked about 2% higher in after-hours trading. The stock has a 52-week high of $98.94 and a 52-week low of $50.02.
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