Summary by Moomoo AI
Starbucks Corporation reported its financial results for the second quarter of fiscal year 2024 on April 30, 2024. The report revealed a 2% decline in consolidated net revenues, amounting to $8.6 billion, attributed to a challenging operating environment. The quarter saw a 4% decrease in global comparable store sales, with a 6% drop in transactions partly offset by a 2% rise in average ticket prices. In North America, comparable store sales fell by 3%, and international sales saw a 6% decline, with China experiencing an 11% decrease. Despite the downturn, Starbucks opened 364 new stores, ending the quarter with a total of 38,951 stores globally. The company's GAAP operating margin contracted by 240 basis points to 12.8%, primarily due to increased investments in wages and benefits, promotional activities, and administrative costs. GAAP earnings per...Show More