On July 30, Starbucks rose 4.35% in after-hours trading, trading at $111.09/share, with turnover of $38.89 million. The move was driven by the company's fiscal Q3 earnings release, which revealed a robust recovery in North America same-store sales.

The earnings report showed quarterly net revenue of approximately $9.1 billion, down roughly 1% year over year, largely in line with consensus estimates of $9.149 billion. However, the highlight was North America same-store sales, which grew over 5% for a second consecutive quarter, marking the best performance in nearly three years. UBS had previously projected 7% same-store sales growth in North America, comprising a 2% increase in average customer spend and a 5% rise in transaction volume, with roughly half the momentum attributed to marketing and menu innovation and the other half to operational improvements including store closures.

The results validate the company's broader turnaround strategy, which includes global restructuring, AI-driven cost reduction targeting $400 million in annual software spending, and active portfolio management including exploring options for its Japan business. Multiple analysts had raised price targets ahead of the report, with Wells Fargo setting a $120 target and Morgan Stanley maintaining an Overweight rating at $111.

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