Starbucks’ Q3 fiscal results show a mixed performance. The company’s net revenue totaled $9.1 billion, down 1% year-over-year but up 1% in constant currency. This is a 6% increase from Q2.
GAAP earnings per share (EPS) were $0.93, a 6% decrease compared to last year, while non-GAAP EPS also stood at $0.93, declining 7% year-over-year and 6% in constant currency.
Starbucks opened 526 new stores this quarter, with the U.S. and China comprising 61% of its global portfolio. The company’s three-part plan, focusing on operational improvements, customer experience, and product innovation, is showing early results.
CEO Laxman Narasimhan highlighted that the plan is driving operational gains and supporting growth. CFO Rachel Ruggeri noted that efficiency efforts are exceeding expectations and maintaining financial flexibility despite a cautious consumer environment.