Starbucks Corp beat market estimates for quarterly comparable sales on Tuesday, as more customers returned to its stores for their daily cup of coffee after staying away during the height of the pandemic.
The easing of COVID-19 restrictions on travel and restaurant capacity as well as reopening of offices have boosted sales at Starbucks and other big U.S. restaurants, including Chipotle Mexican Grill and Domino’s Pizza.
Starbucks’ global comparable sales for the third quarter surged 73%, compared with estimates of 69.4% growth, according to IBES data from Refinitiv.
The coffee chain said comparable sales rose 19% in China, its largest growth market, and soared 83% in the United States, cushioning the blow from lockdowns in certain markets.
Excluding certain items, Starbucks earned $1.01 per share.
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