Categories Analysis, Consumer

What to look for when Starbucks (SBUX) reports Q1 2024 earnings results

The consensus estimate for Q1 2024 EPS is $0.93

Shares of Starbucks Corporation (NASDAQ: SBUX) stayed green on Friday. The stock has dropped 14% over the past 12 months. The coffeehouse chain is scheduled to report its first quarter 2024 earnings results on Tuesday, January 30, after market close. Here’s a look at what to expect from the earnings report:


Analysts are projecting revenue of $9.6 billion for Starbucks in Q1 2024, which compares to $8.7 billion reported in the same period a year ago. In the fourth quarter of 2023, revenues increased 11% to $9.4 billion.


The consensus estimate for Q1 2024 EPS is $0.93, which compares to adjusted EPS of $0.75 in Q1 2023. In Q4 2023, adjusted EPS grew 31% to $1.06.

Points to note

Starbucks continues to see strong demand globally with both its core offerings and new offerings performing well. The company has been benefiting from growth in transactions and ticket, which in turn have driven growth in revenue and comps. These trends are likely to have continued in the first quarter as well.

The coffee giant continues to see momentum in the US, its largest market, where it is benefiting from menu innovation and strategic pricing. The company’s efforts in customization and its investments in supply chain and technology are paying off.

Starbucks has been seeing improvement in China, its second largest market, after facing several headwinds over the past year. The momentum across its omni-channel experiences such as mobile order delivery and ecommerce, new store growth, and the opening of the China Coffee Innovation Park are all indicators of the vast growth opportunity the company has in this region. These factors bode well for the first quarter.

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