Starbucks (SBUX) shares rose in pre-market trading after the world’s largest coffee chain posted stronger-than-expected fourth-quarter results Thursday as solid US sales, driven in part by price gains. to compensate for a prolonged downturn in traffic in China.
Starbucks said its non-GAAP earnings for the three months ended September, the group’s fiscal fourth quarter, were down 19% year-over-year to 81 cents a share, but were solidly ahead of the Street when revenues. by 3.1% to $8.4 billion.
US comparable store sales were up 11% from last year, Starbucks said, as the group implemented 6% price increases over the past 12 months that customers were willing to absorb and despite what the group “raised price promotions throughout the year.” ‘, daily retail traffic in the months of September was about 95% of pre-pandemic levels.