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Starbucks’ revenue rose 19 percent to $8.1 billion from October to December as same-store sales in the US went up 18 percent on-year to off-set same-store sales in China that fell 14 percent partly due to continuing lockdowns
The company said more US customers were visiting at all times of the day and spending more per visit.
Wall Street’s forecast for revenue of $7.89 billion, according to analysts polled by FactSet.
While overall same-store sales growth of 13 percent was in line with expectations, Starbucks’ earnings fell short of forecasts due to inflation, continuing pandemic-related costs, and rising labor costs.
The Seattle-based coffee giant reported adjusted earnings of 72 cents per share, below the 80 cents analysts were forecasting.
Starbucks shares fell 5% in after-hours trading.
