Starbucks Q2 Sales Up 12% YoY... Impact of Recovery in Chinese Market

Global coffee specialist Starbucks recorded double-digit sales growth in the second quarter (April to June) thanks to a recovery in the Chinese market.

[Image source=Reuters Yonhap News]

On the 1st (local time), Starbucks announced that its sales in the second quarter reached $9.2 billion (11.8726 trillion KRW), a 12% increase compared to the same period last year.

Sales in the North American region grew by only 7%, but sales outside North America increased by 24% compared to a year ago. In particular, sales in China surged 46% as consumer sentiment revived following the easing of COVID-19 policies.

However, this fell short of Wall Street’s sales forecast of $9.29 billion compiled by financial information firm Refinitiv.

Sales in the North American region also showed a lower growth rate than the Wall Street estimate of 8.4%. Sales outside North America also fell short of the market forecast of 24.2%.

Earnings per share were $1, exceeding the expected 95 cents.

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