Starbucks sales grow at slowest pace in a year
Same-store sales at company-operated locations open for more than a year rose 5 per cent in the company’s fiscal first quarter, which ended Dec 31. That’s lower than the 6.4 per cent analysts expected.
Same-store sales in North America that were largely in line with expectations, in part to positive store traffic. North America operating margin, a measure of profitability, also beat estimates.
Fears of lowered demand, in part due to boycotts in the Middle East over the company’s perceived support of Israel – which Starbucks has repeatedly denied – also damped sentiment.
Earnings, excluding some items, were 90 US cents a share, while analysts expected 93 US cents.
Net revenue of US$9.4 billion fell short of the US$9.6 billion average forecast.
Source: Business Times
https://www.businesstimes.com.sg/compan ... -pace-year
