Shares of Starbucks Corp.
rose more than 4% in the extended session Wednesday after the retailer reiterated its guidance for next year and said that it is counting on a “significant rebound” for 2021. At its virtual investor day, Starbucks said it is anticipating a “continued recovery” from the effects of the pandemic, and expects a GAAP per-share profit between $2.34 and $2.54 and adjusted EPS between $2.70 and $2.90 in fiscal 2021. Analysts polled by FactSet expect adjusted EPS around $2.81. For fiscal 2022, Starbucks said it expects “outsized” growth in its adjusted EPS of at least 20%, and a growth rate between 10% and 12% for the two fiscal years thereafter. The 2023 and 2024 guidance compared with a previous guidance of a 10% growth rate for these years. “The recent disruption of the global pandemic has accelerated certain shifts in consumer behavior, and Starbucks has quickly adapted its business for the short- and long-term implications,” the company said. Starbucks shares ended the regular trading day down 0.8%.