Market Updates
Starbucks U.S. Comparable Sales Jumped 7%, China Sales Rebounded
Scott Peters
06 Aug, 2023
New York City
Starbucks Corp increased 0.8% to $102.03 after the coffee chain operator reported higher-than-expected sales in the fiscal third quarter on a sales rebound in China.
Sales at stores open at least 13 months in China soared 46% from a year ago, after Covid-restrictions ended.
Global comparable store sales increased 10% and the U.S. and North American comparable store sales increased 7% from a year ago.
Revenue in the quarter ending on July 2 rose 12% to $9.2 billion and the company opened 588 net new stores in the quarter, increasing the worldwide total to 37,000.
Net earnings attributable to shareholders increased to $1.1 billion from $913 million and diluted earnings per share rose to 99 cents from 79 cents a year ago.
China is expected to drive future sales growth as the company pushes to open more stores in smaller cities of the nation with 1.4 billion people with a preferred hot beverage tea over coffee.
At the end of the third quarter, stores in the U.S. and China comprised 61% of the company’s global portfolio, with 16,144 and 6,480 stores in the U.S. and China, respectively.
Annual Returns
| Company | Ticker | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|
Earnings
| Company | Ticker | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|