Starbucks sees record Q3 revenue despite China lockdowns

Tuesday, 02. August 2022 22:09

American coffeehouse chain Starbucks Corp. reported a record revenue of $8.2 billion in its third fiscal quarter, seeing comparable store increases by 9% in the United States and similar growth in the rest of the world excluding China.

The company's earnings per share stood at $0.79, driven by global demand outside the Chinese market, where COVID-19 lockdowns significantly affected activity. Active Starbucks reward memberships climbed 13% in the United States to reach 27.4 million members. However, Starbucks kept its 2022 outlook suspended.

"We have a clear line of sight on what we need to do to reinvent the company, elevate our partner and customer experiences and drive accelerated, profitable growth all around the world. The Q3 results we announced today demonstrate the early progress we have made in just four short months," interim CEO Howard Schultz noted.

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Baha Breaking News (BBN) / ND