Starbucks reports record quarterly revenue as China sales boom
Starbucks reported record revenue in its fiscal third quarter as sales in China roared back to life
Starbucks reported record revenue in its fiscal third quarter as its China business roared back to life.
Same-store sales — or sales at stores open at least a year — jumped 46% in China, reversing last year’s declines due to COVID infections.
The Seattle-based coffee giant said its revenue rose 12% to $9.2 billion in the 13 weeks ending July 2. Still, that fell short of Wall Street’s forecasts. Analysts had expected revenue of $9.3 billion, according to FactSet.
Starbucks’ overall same-store sales increase of 10% was also lower than Wall Street’s forecast of 11%.
North American same-store sales rose 7% for the quarter. That was largely due to higher prices and customers ordering more items per visit; customer traffic was up just 1%.
Starbucks said its net income rose 25% to $1.1 billion, or 99 cents per share. That was higher than the 95 cents analysts forecast.
