Starbucks Beats Earnings Estimates, but Sales Disappoint Despite China Boom
August 2, 2023
Starbucks reported better-than-expected quarterly earnings but disappointed with weaker-than-expected same-store sales. While the company’s revenue grew by 12%, same-store sales in North America and international markets fell short of estimates, with growth of 7% and 24%, respectively. However, the coffee giant’s same-store sales in China showed strong performance, skyrocketing by 46% in the quarter, contributing to the company’s positive outlook for fiscal 2023.
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