Corona lockdowns in China, the loss of business operations in Russia due to the Ukraine war, global price increases: Starbucks seems to be defying all of these stressors.
The world’s largest café chain, Starbucks, increased sales and profits at the beginning of the year despite renewed corona burdens and high inflationary pressure.
In the three months to early April, revenue grew by 14.5 percent year-on-year to $7.6 billion (7.2 billion euros), as the group announced on Tuesday after the US stock market closed. The bottom line is that Starbucks earned $ 674.5 million – a good two percent more than a year ago.
In the most recent quarter, Starbucks imposed corona lockdowns in the important foreign market of China. The company also highlighted high inflation as a negative factor in its annual report. The coffee chain also decided in March to halt operations in Russia due to the war of aggression against Ukraine. Overall, the quarterly figures were in line with market expectations. The stock initially responded after the trading session with slight price gains.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
