Starbucks Corp. shares fell 2% in late trading Thursday after the coffee company reported first-quarter same-store sales globally and in the Americas that missed estimates. Net income was $751.8 million, or 51 cents per share, up from $687.6 million, or 46 cents per share, in the same period last year. Adjusted earnings of 52 cents a share met the FactSet consensus. Sales for the quarter were $5.73 billion, up from $5.37 billion last year but below the $5.85 billion FactSet estimate. Global same-store sales rose 3%, as did same-store sales in the Americas. The FactSet consensus was for overall same-store-sales growth of 3.8%, and 3.9% growth in the Americas. Same-store sales in China were up 6%, beating the 2.9% increase FactSet estimated. My Starbucks Rewards membership grew 16% on a year-over-year basis to 12.9 million, and $2.1 billion was loaded onto Starbucks cards in the U.S. and Canada, up 15% from last year. Card transactions reached 40% of transactions at U.S. company-operated stores. Starbucks continues to expect full-year 2017 EPS in the range of $2.09 to $2.11, and adjusted EPS in the range of $2.12 to $2.14. FactSet sees full-year EPS of $2.14. Starbucks shares are down 0.3% for the past year, while the S&P 500 index is up 20.7% for the last 12 months.
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