Starbucks missed market estimates for comparable sales in the quarter, largely due to the hit to operations in China due to lockdowns, although it saw strong demand growth in the US.
In particular, Starbucks said its comparable sales in China fell 44% in the fiscal third quarter, offsetting a 9% increase in same-store sales in the US.
Globally, the Seattle-based chain’s comparable sales rose 3% in the quarter, while analysts had expected a 3.76% gain.
Starbucks’ net income, however, rose to $8.15 billion from $7.50 billion a year earlier, beating the average analyst forecast of $8.11 billion.
Against that backdrop, its stock rose more than 1.2 percent in after-hours trading on Wall Street.
Source: Capital
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