Tags: starbucks earnings

Starbucks Reports Record Revenue as China Sales Boom

Starbucks Reports Record Revenue as China Sales Boom
(AP)

Tuesday, 01 August 2023 05:02 PM EDT

Starbucks reported record revenue in its fiscal third quarter as its China business roared back to life.

Same-store sales — or sales at stores open at least a year — jumped 46% in China, reversing last year’s declines due to COVID infections.

The Seattle-based coffee giant said its revenue rose 12% to $9.2 billion in the 13 weeks ending July 2. Still, that fell short of Wall Street’s forecasts. Analysts had expected revenue of $9.3 billion, according to FactSet.

Starbucks’ overall same-store sales increase of 10% was also lower than Wall Street’s forecast of 11%.

North American same-store sales rose 7% for the quarter. That was largely due to higher prices and customers ordering more items per visit; customer traffic was up just 1%.

Starbucks said its net income rose 25% to $1.1 billion, or 99 cents per share. That was higher than the 95 cents analysts forecast.

Copyright 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.


StreetTalk
Starbucks reported record revenue in its fiscal third quarter as its China business roared back to life.Same-store sales - or sales at stores open at least a year - jumped 46% in China, reversing last year's declines due to COVID infections.The Seattle-based coffee giant...
starbucks earnings
146
2023-02-01
Tuesday, 01 August 2023 05:02 PM
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