Starbucks presents a significant increase in sales despite problems in China.
Global coffee shop chain Starbucks said it generated more revenue than expected in the past quarter - despite ongoing problems in the Chinese market. The chain's revenues grew by almost 9 percent year-on-year to $8.2 billion (8.1 billion euros) in the three months to the end of June.
' business suffered not only from lost sales due to covid lockdowns in China
, where like-for-like sales plunged 44 percent
. The strong dollar, which reduces foreign revenues after translation into U.S. currency, also weighed on the quarterly balance sheet. In addition, Starbucks said it had significantly higher costs and expenses.
Profit exceeded expectations
The bottom line was that the company earned $912.9 million
in the third fiscal quarter (to the end of June), a good 20 percent less than in the corresponding period last year
. Nevertheless, the profit exceeded Wall Street's expectations. The share initially reacted after trading hours with a price increase of 1.3 percent.
Sale of UK business
Most recently, it was announced that Starbucks is looking for a Buyer for the UK business
is looking for. Accordingly, the group is examining a possible sale of its British branch in view of rising costs and increasing competition from other coffee house brands. Of the approximately 1,000 Starbucks units, the brand itself operates around 300, while the remaining 700 stores are run by franchisees.
According to Top 100
generated sales of 94 million euros with 150 units in Germany in 2021.