Benzinga | Oct 29, 2021 09:46AM EDT

Why Starbucks Shares Are Falling

Starbucks Corporation (NASDAQ:SBUX) shares are trading lower after the company reported worse-than-expected fourth-quarter sales results.

Starbucks reported quarterly earnings of $1.00 per share which beat the analyst consensus estimate of $0.99. This is a 96% increase over earnings of $0.51 per share from the same period last year.

Starbucks also reported quarterly sales of $8.15 billion which missed the analyst consensus estimate of $8.21 billion. This is a 31% increase over sales of $6.20 billion in the same period last year.

"Our strong finish to fiscal 2021, including record performance in the fourth quarter, demonstrates the resilience of Starbucks and reinforces the value of the bold strategic moves we have taken over the past two years. Through it all, we have thoughtfully navigated a strong recovery with an eye towards our future, all guided by our Mission and Values," said Kevin Johnson, President and CEO.

Starbucks also opened 538 net new stores in the fourth quarter of fiscal 2021, yielding 4% year-over-year unit growth, ending the period with a record 33,833 stores globally, of which 51% and 49% were company-operated and licensed, respectively.

Starbucks has a 52-week high of $126.32 and a 52-week low of $85.45.