Why Starbucks Stock Popped This Morning
Shares of coffee giant (NASDAQ: SBUX) popped on Thursday morning after reporting financial results for its fiscal fourth quarter of 2023, which ended on Oct. 1. The year was a record year for the company's revenues, which was good reason for a caffeinated celebration. As of 10:30 a.m. ET, Starbucks stock was up 11%.
Starbucks finished its fiscal 2023 with record full-year net revenues of $36 billion, bolstered by record Q4 net revenues of $9.4 billion. The company did particularly well in North America, where its Q4 same-store sales grew by a healthy 8%.
North America is Starbucks' largest market, and strength in this geography is really good for the overall bottom line. In Q4, the company's net revenues in North America were up 12%, which was good. But it paled in comparison to its 40% year-over-year growth in operating income.
Source Fool.com
Starbucks Corp. Stock
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