Starbucks sales beat, but company misses on earnings and comps

Starbucks fell Wednesday morning after it missed on earnings and comparable sales, but reported quarterly revenue that topped Wall Street’s expectations.

On Tuesday after the bell, the company posted adjusted earnings per share of $0.50 for its fiscal third quarter, below the $0.65 analysts polled by FactSet were expecting. It reported revenue of $9.5 billion, more than the $9.3 billion analysts were penciling in.

Perhaps most concerning were Starbucks’ comparable sales, which fell 2%, more than the 1.3% slip analysts were expecting. Comparable sales have now been negative for six straight quarters, but the declines had been getting better sequentially until the quarter the company just reported.

The stock had initially risen after the report, but it gave up the gains Wednesday morning.