Thursday, January 30, 2020

Starbucks’ strong Q1 overshadowed as it sounds warning on coronavirus outbreak

Chain Store Age
The news about the China store closings as a result of the coronavirus overshadowed what was an impressive first quarter for Starbucks and one of its strongest holiday seasons ever. The coffee giant reported net income of $885.7 million in the quarter ended Dec. 29, up from $760.6 million.

Net sales rose 7% to $7.1 billion, in line with expectations. Global comparable store sales rose 5%, driven by a 3% increase in average ticket and a 2% increase in comparable transactions.

U.S. same-store sales rose 6%, boosted by more customers visiting its cafes. . . . more