Nov 3 (Reuters) - Starbucks Corp topped Wall Street estimates for quarterly comparable sales on Thursday, as pricier drinks and strong demand from consumers in North America helped the coffee chain offset the impact of lockdowns in China.
Starbucks shares gained 2% after posting financial results.
Global comparable sales at the Seattle-based company rose 7% in the fourth quarter ended Oct. 2, while analysts on average had expected a 4.2% rise, according to Refinitiv IBES.
While restaurants such as McDonald's Corp and Yum Brands Inc have drawn inflation-hit Americans with cheaper meals, higher priced Starbucks coffee and cold beverages have enjoyed a steady stream of higher-income customers.
Starbucks said U.S. comparable store sales rose 11% in the quarter. The jump helped the company cushion the hit from a 16% decline in comparable sales in China, where it is still reeling under a zero-COVID policy that has forced its seating areas shut and kept customers away.
Total net revenue rose to $8.41 billion from $8.15 billion a year earlier, compared with analysts' average estimate of $8.31 billion.