The Starbucks 2017 holiday cup. (Starbucks Photo)
Shares of Starbucks dipped in after-hours trading after the Seattle coffee giant beat earnings estimates and just missed on revenue projections.
Starbucks posted non-GAAP earnings per share of $0.65 (expectations were $0.57) on revenue of $6.1 billion for its first quarter (expectations were $6.2 billion). Shares were down more than 3 percent.
“Today, Starbucks has two powerful, independent but complementary engines driving our global growth, the U.S. and China,” Starbucks CEO Kevin Johnson said in a statement. “Our work to streamline the company is sharpening our focus on our core operating priorities.”
Mobile Order and Pay, a feature that lets customers order with their smartphone via Starbucks’ app and skip the line, accounted for 11 percent of transactions in the U.S. That’s just up from 10 percent in the previous quarter.
Starbucks’ Rewards program grew by 11 percent from last year; there are now 14.2 million active members in the U.S. that account for 37 percent of U.S. company-operated store sales.
Starbucks opened another 700 net new stores globally; it now operates 28,039 stores across 76 markets.
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