• 24
  • 5
  • Favorite

Starbucks Shares Gain 2.5% in Premarket Trading

Tiger Newspress2022-11-04

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.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment5

  • psion
    ·2022-11-04
    LIke and comment pl
    Reply
    Report
  • AE2
    ·2022-11-04
    💪💪
    Reply
    Report
  • k2000
    ·2022-11-04
    Good
    Reply
    Report
    Fold Replies
    • psion
      k
      2022-11-04
      Reply
      Report
  • MP88
    ·2022-11-04
    Yup
    Reply
    Report
  • DARKSAMARU
    ·2022-11-04
    Reply
    Report
 
 
 
 

Most Discussed

 
 
 
 
 

7x24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email:uservice@ttm.financial