USA

Starbucks sales recover faster than expected in US, China

Starbucks saw faster-than-expected recovery in the U.S. and China in its fiscal fourth quarter, giving it confidence as it heads into the holiday season.

Global same-store sales fell 9% from the prior year, a better showing than the 12% to 17% drop Starbucks anticipated in July. U.S. same-store sales were down 9% in the July-September period, while China’s fell 3%. Starbucks has 20,000 stores in the U.S. and China, or 61% of its total.

Starbucks said 98% of its company-owned stores are now open. Limited or full lobby seating is now available in 63% of U.S. stores and 90% of stores in China.

Revenue fell 8% from the prior year to $6.2 billion. That was ahead of the $6.1 billion Wall Street forecast, according to analysts polled by FactSet.

Starbucks reported earnings of 33 cents per share, also beating analysts’ forecast of 31 cents.

Copyright © 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.

More from WTOP

Football news:

Sterling's heel gave an assist to Foden in the Champions League match with Olympiacos
Messi on Maradona's death: he will stay with us because he is eternal
Jurgen Klopp: I Don't understand why you can let 2,000 people into the stadium for 60,000 spectators and the same 2,000 into the arena for 9,000
In honor of Maradona can rename the stadium of Napoli
The peak declined from knee surgery. He hopes to return in 4 months
The International Olympic Committee (IOC) and the Russian Olympic Committee (ROC) expressed their condolences over the passing of Argentine football player Diego Maradona
The Ceferin, founder of Maradona: He had genius and charisma. One of the greatest icons of world football