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Wall Street is seeing early signs that Starbucks
’ turnaround is taking hold, despite a quarterly earnings miss and another quarter of shrinking same-store sales.
“The focus for Starbucks’ third fiscal quarter was less on the results (which were below Street expectations) and more on proof points on the pace of the potential recovery ahead,” William Blair analyst Sharon Zackfia wrote in a note to clients Wednesday.
The company reported weaker-than-expected earnings for its fiscal third quarter on Tuesday evening. Its same-store sales fell for the sixth straight quarter, but executives told analysts on the company’s earnings call that traffic improved sequentially every month of the quarter.
