Starbucks saw record sales in the third quarter as the impact of the pandemic receded and customers flocked to its stores.
The Seattle-based coffee giant said its revenue soared 78% to $7.5 billion in the April-June period, an all-time high. That beat Wall Streets forecast of $7.3 billion, according to analysts polled by FactSet.
Starbucks said its global same-store sales __ or sales at locations open at least a year __ jumped 73% from the same period last year. Starbucks felt the brunt of the pandemic in the April-June period last year, when many stores were closed and same-store sales tumbled 40%.
Starbucks reported net income of $1.15 billion for its fiscal third quarter. Adjusted for one-time items, the company earned a record $1.01 per share. That was well ahead of analysts forecast of 78 cents.
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Source: News18