Starbucks sees long-term adjusted earnings per share rising 10% to 12%
People wear protective face masks outside Starbucks in Union Square as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on September 29, 2020 in New York City.
Noam Galai | Getty Images
Starbucks said Wednesday that it expects to hit its long-term growth targets in 2023 and 2024, with adjusted earnings per share growth of 10% to 12%.
CFO Pat Grismer told investors Wednesday at its biennial investor day that it’s slightly raising its forecast for ongoing long-term revenue growth to a range of 8% to 10%. At its last investor meeting in 2018, the company said it expected adjusted earnings per share to rise at least 10% annually and consolidated revenue growth of 7% to 9% over the long term.
In fiscal 2021, as the company and overall economy recover from the coronavirus pandemic, Starbucks is expecting adjusted earnings per share of $2.70 to $2.90. By fiscal 2022, as it laps weaker earnings growth, Starbucks is forecasting growth of more than 20%.
The projections assume that Starbucks will not experience any additional business interruptions and stable foreign exchange rates.
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