Starbucks on Tuesday reported better-than-expected quarterly earnings and revenue, despite lockdowns in China weighing on its performance.
Shares of Starbucks have fallen 27% this year, dragging its market value down to $98.37 billion. The coffee giant suspended its fiscal 2022 outlook last quarter, citing the uncertainty caused by Covid lockdowns in China.
Net sales rose 9% to $8.15 billion. The company reported global same-store sales growth of 3%, fueled by a strong performance in the United States.
Outside the US, same-store sales fell 18%, weighed down by plummeting demand in China. The country, which is Starbucks\u2019 second-largest market, spent two-thirds of the quarter under restrictions to curb the spread of Covid. As a result, China\u2019s same-store sales plunged 44%. The company is still seeing periodic short-term closures in China.
Last quarter, Starbucks pulled its outlook for fiscal 2022, citing the uncertainty caused by Covid outbreaks in China. The company did not issue a new forecast this quarter. Starbucks opened 318 new locations worldwide during the quarter, bringing its global restaurant count to 34,948.<\/p>\n","protected":false},"excerpt":{"rendered":"
Starbucks on Tuesday reported better-than-expected quarterly earnings and revenue, despite lockdowns in China weighing on its performance.Shares of Starbucks have fallen 27% this year, dragging its market value down to $98.37 billion. The coffee giant suspended its fiscal 2022 outlook last quarter, citing the uncertainty caused by Covid lockdowns in China.Net sales rose 9% to …<\/p>\n","protected":false},"author":13,"featured_media":69456,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[39,36],"tags":[6832,7113,8603,9541,8679],"class_list":["post-69450","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-global-stock-markets","category-market-updates","tag-china","tag-earnings","tag-lockdowns","tag-revenues","tag-starbucks"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/69450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=69450"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/69450\/revisions"}],"predecessor-version":[{"id":69457,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/69450\/revisions\/69457"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/69456"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=69450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=69450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=69450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}