Starbucks reports record quarterly revenue as China sales boom

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%.