Starbucks forecasts better-than-expected earnings for fiscal 2021

(Reuters) – Starbucks Corp forecast 2021 earnings largely above estimates on Thursday, helped by strong online orders and a recovery in demand following the initial hit from the COVID-19 pandemic.

The coffee chain expects adjusted profit for fiscal 2021 between $2.70 per share and $2.90 per share. Analysts had forecast $2.74, according to IBES data from Refinitiv.

For the fourth quarter, comparable sales fell 9%, compared with Wall Street estimates of a 12.13% decline, as consumers picked up their morning coffee at cafes as they gradually returned to their daily routines.

(Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta)