Starbucks' sales exceed estimates after customer traffic grows
[CHICAGO] Starbucks Corp, the world's biggest coffee- shop operator, posted second-quarter sales that topped analysts' estimates after its mobile app and an expanded menu helped draw more customers to stores.
Revenue gained 18 per cent to US$4.56 billion in the period, which ended March 29, the Seattle-based company said in a statement Thursday. Analysts had estimated US$4.53 billion on average, according to data compiled by Bloomberg. Excluding some items, earnings amounted to 33 cents, matching analysts' estimates.
Chief Executive Officer Howard Schultz has been focused on expanding the company's digital services, including mobile ordering, which lets diners transmit their requests before visiting a store. Starbucks also is going to test delivery in Seattle and New York's Empire State Building, letting customers get their coffees sent right to their offices.
The shares rose in extended trading on Thursday after the results were released.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
‘Extreme’ climate blamed for world’s worst wine harvest in 62 years
Sheng Siong Q1 net profit up 9.3% on higher revenue
Nestle sales growth sputters on US slump, vitamin snags
Hermes Q1 sales jump 17% on strong China demand
Cordlife’s independent auditor to retire after issuing disclaimer of opinion on FY2023 financials
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO