Starbucks Beats Earnings Expectations, Fueled by Strong International Sales
  • last year
Starbucks reported better-than-expected quarterly earnings and revenue, fueled by strong international sales. The company's same-store sales increased 11 percent in the quarter, beating analyst expectations of 7.1 percent. Both the U.S. and international markets outperformed expectations. In China, Starbucks' second-largest market, same-store sales increased for the first time since 2021. The company's active U.S. loyalty program members increased 15 percent from the year-ago period to 30.8 million. Starbucks reaffirmed its fiscal-year outlook, projecting revenue growth of 10 percent to 12 percent and adjusted earnings-per-share growth on the low end of 15 percent to 20 percent. The company opened 464 net new locations during the quarter. Despite facing several challenges, including rising inflation, supply chain disruptions, and labor shortages, Starbucks delivered strong results in the quarter.
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