Starbucks on Tuesday reported record revenue in the April-June period, as strong U.S. demand made up for COVID shutdowns in China.
The Seattle-based coffee giant exceeded sales expectations despite continuing store closures and reduced hours in China due to coronavirus measures. Starbucks said its same-store sales in China — its second-largest market after the U.S. — were down 44% in its fiscal third quarter. Starbucks said it ended the quarter with roughly 2,000 stores in 50 cities operating with COVID restrictions.But strong U.S. demand made up for that.
Schultz added that cold drinks, which now make up 74% of U.S. beverage sales, have become a huge competitive advantage for Starbucks and are bringing in younger customers.Starbucks’ revenue rose 9% to $8.2 billion, a quarterly record. That surpassed Wall Street’s forecast of $8.1 billion, according to analysts polled by FactSet.
Schultz said Starbucks is in the midst of a modernization plan that he hopes will help it retain employees and better keep up with customer demand. The plan __ which will be fleshed out in more detail at the company’s investor day in September __ comes amid growing employee dissatisfaction at some U.S. stores.
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