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.
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.