Starbucks profit rises despite hit from China / Photo: NICOLAS ASFOURI - AFP/File
-
Grattan Institute Releases Blueprint to Target Specialists Over Excessive Fees
-
The Dilemma of Recording Live Music: Preserving Memories vs. Being Present
-
Arizona Science Center Hosts Girls in STEM Astro Adventures for Students
-
ANC’s Renewal Rhetoric Fades as Voters Reject Party in 2026 Local Elections
-
New Turkish Cafe, Japanese BBQ, and Korean Restaurants Open Across East Bay
-
Foreign Investors Return to Indian Markets After 10-Month Selloff
-
Knowle Move Four Points Clear at Top After Histon Victory
-
Honda CR-V and Toyota RAV4 Lead Canada’s Most Stolen Vehicles List for 2025
-
Physicians Urge Arizona to Ban Medical Gag Clauses and Enable Private Lawsuits
-
China Extends Tariff Suspension on US Imports to Stabilize Trade Ties
-
New Campaign Highlights Knowledge Gaps on Carbon Monoxide Safety Among Americans
-
JR East Launches 'teppay' to Integrate Suica Balance with Mobile Payments
Starbucks profit rises despite hit from China
Starbucks reported higher quarterly profits Thursday, fueled by solid North American growth that compensated for continued weakness in China due to Covid-19 restrictions.
The big coffee chain's results were a study in contrast between its two main markets, with North American comparable sales jumping 10 percent and China comparable sales slumping 29 percent.
The results in the United States reflected a lift from "strategic" price increases that helped offset the impact of increased spending on wages and employee benefits.
Acting Chief Executive Howard Schultz described the results as strong in light of "challenging global consumer and inflationary environments, a soft quarter for retail overall and the unprecedented, Covid-related headwinds that unfolded in China in Q1."
Overall, profits rose 4.8 percent from the year-ago period to $855.2 million in the fiscal first quarter ending January 1. Revenues increased 8.2 percent to $8.7 billion.
The profits translated into earnings per share of 75 cents, a bit below analyst estimates.
Shares fell 2.4 percent to $106.57 in after-hours trading.
V.F.Barreira--PC
