Starbucks (NASDAQ:SBUX) has established itself as one of the premier beverage and food retailers on the planet. Now, the roaster, distributor, and retailer aims to reintroduce its famous fall menu as the autumn season fast approaches. That means the return of fall classics like the Pumpkin Spice Latte, Pumpkin Cream Cold Brew, Apple Crisp Oatmilk Macchiato, and other seasonal treats.
However, Starbucks stock has remained in the red in the year-over-year period as of close on Wednesday, August 21, 2024. Its shares have climbed 21% month-over-month at the time of this writing.
The company unveiled its third quarter (Q3) fiscal 2024 earnings on July 30, 2024. In Q3 2024, the company reported that global comparable store sales fell 3% compared to the previous year. Meanwhile, Starbucks opened 526 net new stores in the third quarter. It ended the period with 39,477 stores worldwide, with stores in the United States and China comprises 61% of the company’s global portfolio.
In its Q3 Channel Development Segment Results, Starbucks reported that total revenues fell 2% year-over-year to $438 million. Meanwhile, operating income increased 13% year-over-year to $235 million. Its operating margin stood at 53.7% – up 740 basis points compared to the prior year.
Shares of Starbucks currently possess a price-to-earnings ratio of 26. Moreover, Starbucks stock offers a quarterly dividend of $0.57 per share. That represents a 2.46% yield at the time of this writing.
