Starbucks on Tuesday reported quarterly earnings and revenue that beat analysts’ expectations, fueled by better-than-expected international sales.
In China, the company’s second-largest market, Starbucks saw its same-store sales increase as customers returned to its cafes following the rollback of the country’s zero Covid policy.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: 74 cents adjusted vs. 65 cents expected
- Revenue: $8.72 billion vs. $8.4 billion expected
The coffee giant reported fiscal second-quarter net income of $908.3 million, or 79 cents per share, up from $674.5 million, or 58 cents per share, a year earlier.
Excluding items, Starbucks earned 74 cents per share.
Net sales rose 14.2% to $8.72 billion. The company’s same-store sales climbed 11% in the quarter, beating StreetAccount estimates of 7.1%. Both the U.S. and international markets outperformed expectations.
U.S. same-store sales jumped 12% as traffic rose 6%.
Outside the U.S., same-store sales increased 7%. In China, the metric rose 3%.