Starbucks reported record revenues and profits beat analysts’ expectations in the coffee chain’s latest quarter, helped by higher prices for its beverages and a recovery in the Chinese market.
Comparable store sales rose 10 per cent globally in the company’s third quarter, missing forecasts for 11.8 per cent.
In China, comparable store sales rose 46 per cent from a year ago, with stores back to standard operations after zero-Covid policies in 2022 forced it to close outlets or pause services in its second-largest market.
Starbucks reported revenue of $9.2bn in its third quarter, a record, but below Wall Street forecasts for $9.3bn. Earnings of 99 cents a share topped forecasts and were up 20 cents from a year ago.