2018-12-13 17:55:16 | Starbucks slips after cutting long-term EPS targetShares of Starbucks (SBUX) were lower in after-hours trading following multiple announcements from the company's Investor Day. Of note, the company reiterated its fiscal 2019 guidance and presented long-term financial targets. LONG-TERM TARGETS: The coffee giant announced as part of its investor day that it expects adjusted earnings per share to growth at least 10% per year over the longer term, a figure which is lower than the company's previous forecast of 12% growth on this basis. The company added that long-term revenue growth will be between 7%-9%. In addition, Starbucks reaffirmed its FY19 guidance for adjusted EPS of $2.61-$2.66, FY19 global comparable store sales growth near the lower end of the 3%-5% range, and consolidated revenue growth of 5%-7%. Analysts expect the company to report FY19 EPS of $2.65 on revenue of $26.1B. PRICE ACTION: In post-market trading, Starbucks shares are lower by 3.5% to $64.54. | |
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