Starbucks Corporation (NASDAQ: SBUX) reported second quarter 2024 earnings results today.
Consolidated net revenues declined 2% year-over-year to $8.6 billion. On a constant currency basis, revenue declined 1%.
Global comparable store sales declined 4%.
GAAP net earnings attributable to Starbucks decreased 15% to $772.4 million while EPS fell 14% to $0.68. Adjusted EPS decreased 8% to $0.68.
Revenue and earnings missed estimates, sending the stock crashing over 9% in aftermarket hours on Tuesday.
The company opened 364 net new stores in Q2, ending the period with 38,951 stores.