fbpx
  • About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Markets Brokerage

Starbucks net revenue at impressive USD8.15 billion despite hit to China business

Earnings beat Waal Street estimates

Sunil Bolar by Sunil Bolar
August 3, 2022
in Brokerage, Retail, The Global Economics, Top Stories
Reading Time: 2 mins read
0
Starbucks net revenue at USD8.15 billion despite hit to China business

Starbucks net revenue at USD8.15 billion despite hit to China business

28
SHARES
154
VIEWS
FacebookTwitterRedditWhatsAppLinkedInShare Link

Starbucks Corp beat Wall Street quarterly profit estimates even as its China business suffered a hit due to revenwed Covid-19 lockdowns imposed in the country. The strong earnings was supported by a hike in prices and strong demand from consumers in the US.

Interim CEO of Starbucks, Howard Schultz, said that the company did not witness any measurable reduction in consumer spending despite inflation levels in the US being at a record high. The CEO told investors that although inflation affected the company’s operating margin, it did not see any evidence of consumers trading down.

Starbucks, based in Seattle, posted an earning of 84 cents per share on an adjusted basis, beating Wall Street estimates of 75 cents per share. In extended trading, the company’s stock rose almost 2 percent.

Compared to analysts’ average estimates of a 3.76 percent rise, global sales of the company rose 3 percent for the fiscal quarter ended July 3.

Sales across the US were strengthened by the company’s ability to increase prices without any pushback from customers. Sales were also aided by booming sales of cold beverages, which comprise almost 75 percent of total beverage sales by the company in the US.

Starbucks rewards program membership grows in the US

Active membership for Starbucks’ rewards program in the US grew by 13 percent to 27.4 million members.

Operating margins of the company were affected by higher cost of ingredients and enhanced benefits for US employees. Operating margins fell by 400 basis points to 15.9 percent. Same-store sales in North America posted a growth of 9 percent.

Since last year, Starbucks has been in the midst of a drive that saw workers at 200 stores vote to unionize. However, Schultz announced that the company would only boost benefits and wages for workers in non-unionized stores, a move that is scheduled to start this week.

The company’s business in China was severely hit by Covid disruptions, causing a drop of 44 percent in comparable sales in the Starbuck’s fasted growing market, Chairman of Starbucks China, Belinda Wong said in a statement.

A resurgence of Covid-19 in Beijing and other cities prompted authorities to enforce a fresh round of lockdowns, which forced Starbucks to close its seating areas and only offer deliveries and mobile orders for most of the quarter.

Total net revenue of the company rose to USD8.15 billion, compared to USD7.5 billion for the corresponding period in the previous year, beating an analysts’ average estimate of USD8.11 billion.

 

Via: short URL
Tags: retailRevenue growthStarbucks
Sunil Bolar

Sunil Bolar

Sunil is a creative person who combines his love for writing with tech and business.

Related Posts

Visa and Nymcard supports British duo in launching the world’s first Money Management app, Edfundo for families
Digital

Visa and Nymcard supports British duo in launching the world’s first new Money Management app, Edfundo for families in 2022

by Ritu M R
August 17, 2022
Abu Dhabi Airports inks a deal with ICP to enhance service quality in a new 2022 initiative
Mergers & Acquisitions

Abu Dhabi Airports inks a deal with ICP to enhance service quality in a new 2022 initiative

by Ritu M R
August 17, 2022
Saudi Wealth Fund, PIF acquires USD 7 billion US stocks in Amazon, BlackRock and Meta Platforms
Funds

Saudi Wealth Fund, PIF acquires USD 7 billion US stocks in Amazon, BlackRock and Meta Platforms

by Ritu M R
August 16, 2022
Penspen achieves USD 48 million worth of new contracts in Q2 2022
Energy

Penspen achieves USD 48 million worth of new contracts in Q2 2022

by Ritu M R
August 16, 2022
HSBC expands global securities services in Abu Dhabi Global Market (ADGM) in 2022
Digital

HSBC expands new global securities services in Abu Dhabi Global Market (ADGM)

by Ritu M R
August 16, 2022
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Facebook Twitter Instagram Youtube LinkedIn Soundcloud
The Global Economics

The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

Visa and Nymcard supports British duo in launching the world’s first Money Management app, Edfundo for families

Visa and Nymcard supports British duo in launching the world’s first new Money Management app, Edfundo for families in 2022

August 17, 2022
Abu Dhabi Airports inks a deal with ICP to enhance service quality in a new 2022 initiative

Abu Dhabi Airports inks a deal with ICP to enhance service quality in a new 2022 initiative

August 17, 2022
Saudi Wealth Fund, PIF acquires USD 7 billion US stocks in Amazon, BlackRock and Meta Platforms

Saudi Wealth Fund, PIF acquires USD 7 billion US stocks in Amazon, BlackRock and Meta Platforms

August 16, 2022
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Receive the latest news

Subscribe To Our Weekly Newsletter

Get notified about new articles, delivered right into your email inbox.

-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version