Starbucks Says Customers Are Coming Back to Cafes
October 29 2020 - 4:57PM
Dow Jones News
By Heather Haddon
Starbucks Corp. said customers are returning to its cafes
quicker than expected, forecasting a return to sales growth next
year.
The coffee giant on Thursday said same-store sales in its
Americas region declined 9% in its latest quarter from last year's
period, a better result than analysts expected. The chain benefited
from larger orders as consumers have tended to load up on food and
drinks during less frequent trips. Still, Starbucks reported a 25%
reduction in transactions during its fourth quarter ended Sept.
27.
The Seattle-based company reported adjusted earnings of 51 cents
a share, topping analyst projections. The chain said it expects to
fully recover from the pandemic next fiscal year, and anticipates
opening 2,150 new stores world-wide even as it closes hundreds of
existing ones.
Shares rose 1% to $89 in aftermarket trading. Its stock was up
1% this year through Thursday's close.
More to come...
Write to Heather Haddon at heather.haddon@wsj.com
(END) Dow Jones Newswires
October 29, 2020 16:42 ET (20:42 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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