STARBUCKS LIFTS ANNUAL FORECAST FOR REVENUE, PROFIT

Starbucks Corp raised its annual forecast for revenue and profit on Tuesday in expectation that coffee drinkers will return to their pre-pandemic habits as more consumers get vaccinated. After brewing their own beans at home for over a year, many Americans are back at restaurants to pick up their breakfast and coffee, encouraged by easing COVID-19 restrictions, relief checks and rapid vaccinations. The company now expects 2021 revenue to be between US$28.5 billion and US$29.3 billion, up from its prior projection of US$28 billion and US$29 billion. It expects adjusted earnings per share between US$2.90 and US$3, compared with US$2.70 and US$2.90. Analysts have forecast revenue of US$28.61 billion and earnings of US$2.85 per share, according to IBES data from Refinitiv. However, weakness in international markets continue to hamper the chain’s comparable sales to surpass market expectations.