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Starbucks Hits Sales Record As Customers Return To Stores

Starbucks Hits Sales Record As Customers Return To Stores

Starbucks saw record sales in the third quarter as the impact of the pandemic receded and customers flocked to its stores.

Starbucks saw record sales in the third quarter as the impact of the pandemic receded and customers flocked to its stores.

The Seattle-based coffee giant said its revenue soared 78% to $7.5 billion in the April-June period, an all-time high. That beat Wall Streets forecast of $7.3 billion, according to analysts polled by FactSet.

Starbucks said its global same-store sales __ or sales at locations open at least a year __ jumped 73% from the same period last year. Starbucks felt the brunt of the pandemic in the April-June period last year, when many stores were closed and same-store sales tumbled 40%.

Starbucks reported net income of $1.15 billion for its fiscal third quarter. Adjusted for one-time items, the company earned a record $1.01 per share. That was well ahead of analysts forecast of 78 cents.

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first published:July 28, 2021, 02:12 IST