The world’s largest coffee chain exceeded expectations in the past quarter. However, the profit has nevertheless declined significantly.
Despite higher prices, Starbucks remains in demand – the world’s largest café chain achieved record sales in the summer. In the fiscal quarter through early October, revenue increased by three percent year-on-year to the previous high of $8.4 billion ($8.6 billion), as Starbucks announced on Thursday after the US stock market closed.
However, increased expenditure for higher wages, for example, caused profits to fall sharply. The bottom line is that Starbucks made $878 million — about half what it was a year ago. Nevertheless, the numbers exceeded expectations. The stock initially jumped four percent in after-hours trading.
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.
