In its fiscal fourth quarter, Starbucks’ revenue increased 3% to a record $8.41 billion mainly to American customers who ignored higher charges for frothy drinks and snacks.
The Seattle coffee behemoth reported a 7% increase in same-store sales, or sales at outlets open for at least a year. That exceeded the 4.2% growth predicted by Wall Street, according to analysts surveyed by FactSet.
The strength in North America more than offset China’s downturn, where pandemic lockdowns are still having an impact on sales. In North America, same-store sales increased by 11% as a result of a 10% rise in per-visit expenditure.