CNBC Headline:Starbucks revenue tops estimates as U.S. sales growth offsets declines in China
PUBLISHED TUE, MAY 3 2022 3:34 PM EDT UPDATED MOMENTS AGO
https://www.cnbc.com/2022/05/03/starbucks-sbux-q2-2022-earni…
* Starbucks’ fiscal second-quarter revenue topped Wall Street’s estimates.
* Global same-store sales increased 7% in the quarter, fueled by strong growth in the United States.
* Chinese same-store sales sank 23% in the quarter as the country reimposed lockdowns after Covid outbreaks.
Net sales rose 14.5% to $7.64 billion, topping expectations of $7.6 billion.
Global same-store sales increased 7% in the quarter, fueled by strong growth in the United States. U.S. same-store sales climbed 12%, as customers spent more per order and visited more often.
Outside the U.S., it was a grim quarter for Starbucks. International same-store sales shrank 8%, dragged down by sharp declines in China, the company’s second-largest market. Chinese same-store sales sank 23% in the quarter as the country reimposed lockdowns after Covid outbreaks.