Starbucks reports record revenue on frothy US demand

Starbucks reports record revenue on frothy US demand

On Tuesday Starbucks reported record revenue in the April-June period, as strong U.S. demand made up for COVID shutdowns in China

China’s same-store sales fell 44% during the company’s fiscal third quarter

Revenue: $8.15 billion vs. $8.11 billion expected

The coffee giant reported fiscal third-quarter net income attributable to Starbucks of $912.9 million, or 79 cents per share, down from $1.15 billion, or 97 cents per share, a year earlier.

Net sales rose 9% to $8.15 billion. The company reported global same-store sales growth of 3%, fueled by a stronger performance in the United States.

Starbucks opened 318 net new locations worldwide during the quarter, bringing its global restaurant count to 34,948.

The company plans to hold an investor day on Sept. 13 in Seattle to share more about its strategy for the future.