People wear protective face masks in front of Starbucks in Union Square as the city resumes Phase 4 reopening after restrictions were imposed in New York City on September 29, 2020 to slow the spread of the coronavirus.
Noam Galai | Getty Images
Starbucks announced on Wednesday that it expects to meet its long-term growth targets in 2023 and 2024 with adjusted earnings per share growth of 10% to 12%.
CFO Pat Grismer informed investors on Wednesday at his biennial Investor Day that the forecast for sustained long-term sales growth had been raised slightly to 8% to 10%. At its last investor meeting in 2018, the company expected adjusted earnings per share to grow at least 10% per year and long-term consolidated revenue growth of 7% to 9%.
In fiscal 2021, Starbucks expects adjusted earnings per share of $ 2.70 to $ 2.90 as the company and the wider economy rebound from the coronavirus pandemic. Starbucks is forecasting more than 20% growth through fiscal 2022 as it has weaker earnings growth.
The forecasts assume that Starbucks will not experience additional business interruptions and stable exchange rates.
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