Shares of Starbucks (NASDAQ: SBUX) inches up in pre trading session on Tuesday as the exclusive coffee of the 2023 Met Gala, the company is commemorating fashion’s greatest night. The 2023 Met Gala began tonight in New York City, commemorating the inauguration of The Costume Institute’s show, “Karl Lagerfeld: A Line of Beauty,” which will be on display at The Met from May 5 through July 16, 2023. Follow the action all night on Vogue’s live broadcast, which begins at 6:30 p.m. EST.
Starbucks, Pike Place, Roast coffee, the special coffee of the 2023 Met Gala, will be provided to attendees to cap off the evening’s festivities.
Vogue’s relationship with Starbucks is brought to life in a short video that will be shown during Vogue’s Met Gala live broadcast and red carpet re-plays, as well as on select Condé Nast platforms.
Chief Business Officer, Global Commercial Revenue at Condé Nast, Craig Kostelic stated that they were able to create a memorable experience that celebrated both the artistry of fashion and the artistry of coffee. It was a perfect pairing and they are proud to have worked with their partners at Starbucks to bring this experience to life.
The company’s earnings in the quarter are expected to have benefitted from strong North American comps, growth activities, and digitalization. Starbucks benefits from menu innovation and an outstanding loyalty program. SBUX is anticipated to have seen a rise in overseas sales in the upcoming quarter, which has been a source of concern for the last several quarters.
The model projects North America sales of $6,047.6 million and Channel Development sales of $472.7 million in the second quarter of fiscal 2023, up 11.1% and 2.1% year over year, respectively. Starbucks is benefiting from increased transaction volume and average ticket price rise. International revenues are expected to climb 1.7% year on year to $1,732.1 million.
Inflationary pressures and increased investments in store partner wages and benefits are likely to have affected the bottom line in the quarter-to-be reported. Their model estimates adjusted operating margin to be 13%, flat year over year. Their model projects total operating expenses to be $4,666.9 million, up 9.3% from the prior-year quarter.
